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British equities tack on
On Thursday, British equities ascended, bouncing off from its worst tumble for more than two weeks.
Market participants were also awaiting a government white paper on the UK’s plans to finally extricate itself from the EU to assess whether to get ready for a soft or tough Brexit outcome.
The FTSE 100 index jumped by 0.8% being worth 7,651.01, partly offsetting its Wednesday’s 1.3% dip. The given dive turned out to be its worst reading since June 25—it showed up after America told it’s going to hit China’s products with another $200 billion in duties, thus intensifying a trade conflict between the world’s key economies.
The currency pair GBP/USD ascended from $1.3205 to $1.3219.
In Great Britain and Europe, equities generally soared because market participants kept watching developments in the trade clash between China and America. Bloomberg informed on Wednesday that Chinese and US statesmen are open to proceed with their high-level trade negotiations that could come up with a rational solution and avert an economical deleterious trade conflict.
In Great Britain, the authorities are on the verge of publishing its 120-page report on Brexit on Thursday. It’s believed that this document will tell more about Theresa May’s plan for Britain’s future relationship with the EU that was agreed at a Cabinet gathering the previous week.
The equities of Sky PLC SKY managed to rally up to 1.9% right after Comcast Corp had its takeover offer for the UK broadcaster raised, thus sparking the bidding conflict with 21st Century Fox Inc.
The stocks of ITV PLC ITV headed south 2.6% after Britain’s defeat in the World Cup soccer final.
Apart from the FTSE 100, the index ASOS PLC ASC managed to edge down by 10% right after the online clothing retailer had its guidance cut because sales surge speeded down.
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Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.