Spreadex Market Update

‘Do or die’ Boris Brexit leaves sterling feeling low, Bitcoin bounds higher, oil above $66 per barrel



With the Dow Jones losing around 200 points by the end of Tuesday’s trading, the European markets were once again subdued on Wednesday morning, continuing to bide their time until the weekend’s presidential parlay between Trump and Xi.

While managing to remain above 7400 – something it failed to do at the start of yesterday’s session – the FTSE was nevertheless down 0.2%. This despite further gains for Brent Crude, which jumped 1.7% as the US and Iran amped up the animosity, and the subsequent half a percent growth from BP and Shell.

Boris Johnson’s pledge to take the UK out of the EU on October 31st ‘do or die’ left sterling feeling a bit dodgy. Cable slipped 0.2%, falling under $1.267 for the first time in almost a week; against the euro the pound stumbled to a fresh 5 and a half month low of €1.115 after dipping 0.1%.

The Eurozone was feeling antsy this Wednesday, the DAX and CAC shedding 0.3% apiece. That pushed the German bourse to a sub-12200, 8-day low, while leaving the French index back at 5500.

Bitcoin’s recent resurgence showed no signs of slowing down. Instead the cryptocurrency – immensely aided by the launch of Facebook’s Libra, which appears to have renewed interest in the product and acted as further legitimisation of the market – hurtled nearly 11% higher on Wednesday, rocketing to $12,600 for the first time since the end of 2017.

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