European shares drifted lower this morning, following the path traced by Asian markets where declines have been mostly driven by Hong-Kong and China while Tokyo was shut for a holiday. There is still a lot of uncertainty in the market despite “constructive” talks between the US and the Ministry of Commerce of the People’s Republic of China as any substantial progress before the official October meeting is extremely unlikely.
Another bearish driver for global stocks comes from Saudi Arabia, where some Aramco board members said it may take months, rather than weeks, to restore the company’s oil output after the drone attack. Technical experts told Saudi officials that it could take up to 8-months for production to return to pre-attack levels, which could support the current rally on crude and mechanically put further pressure on stocks.
Photo by Sandro Cenni.
In Europe, UK PM Boris Johnson doesn’t think a breakthrough on Brexit will happen during his meeting with Belgian PM Charles Michel in New York today, but he said he was pleased with the optimistic tone talks have taken with EU officials, after they said there was space for negotiations on the backstop.
While a student, Pierre Veyret had a passion for the financial markets. At the time, he studied International Trade through the setting up of import / export operations and it was the techniques of hedging against exchange rate risks that helped him to make the link with the financial markets, and all especially that of Forex. It is therefore with the aim of anticipating the price of currencies several months in advance that Pierre quickly turned to different methods of analysis by drawing inspiration and surrounding himself with experts in the field. Shortly after, Pierre decided to specialize in Technical Analysis, a discipline he had the opportunity to practice with real market professionals, thanks to AFATE / IFTA, an association of which he has been an active member for several years. Pierre Veyret is passionate about the field of the financial industry with a particular interest in the various techniques of stock market forecasting. Currently, Pierre is based in the City of London where he works as Chief Analyst. He performs regular interventions on a multitude of asset classes through various media (television, internet and print media).
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© 2019 High Leverage FX - All Rights Reserved.