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FTSE 100 is suppressed on worries about Brexit talks
On Friday, Britain’s main stock index was nearly intact, with an abrupt weekly dive for the benchmark in sight because market participants worried about another phase of negotiations for Britons in protracted talks to leave the EU and concerns that talks might end up in a so-called hard Brexit, breaking up with the EU Union without a defined trading pact.
The FTSE 100 lost about 0.1% hitting 7,550.38, having soared by 0.8% reaching 7,556.38, snapping a five-session dip in the previous trading marathon.
The UK blue-chip indicator is on track for its weekly slump of about 1.3%.
The currency pair GBP/USD hit $1.2715, adding a bit from $1.2712 reached on Thursday.
Meanwhile, British Foreign Secretary Jeremy Hunt, delivering a speech in the Netherlands said that Great Britain would undoubtedly find a way to thrive despite the absence of a long-awaited compromise with the European bloc.
In general, volatility in the commodities niche, a key area for the UK benchmark, in the face of concerns as for global trade as well as a probable knock-on effect in emerging markets from the Turkish USDTRY have also been a main source of concern for traders for the last week.
In spite of the fact, those issues will most probably keep dictating market sentiment, investors have been a bit more optimistic regarding the prospect for the global market after on Thursday it was announced that a delegation from the Chinese Commerce Ministry would be set America later this month to proceed with trade negotiations.
Furthermore, market participants were thrilled by signs of condition of the British economy. A report on retail sales for July disclosed a monthly 3.5% leap in contrast with the 2.6%, which had been anticipated. Without fuel, they ascended by 3.7%, which is above the 3% consensus estimate.
AMC spiked more than 100% on Wednesday, the struggling brick-and-mortar retailer Bed Bath & Beyond jumped by about 51%.
The biggest newsmaker of the stock market in the past few days has been Virgin Galactic. The stock jumped by more than 20% in premarket trading on Monday.
The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15.
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?