Global stocks edged higher on Tuesday as the optimistic trading stance persists despite lingering political tensions between Washington and Beijing. Investors welcomed the nuanced tone China had towards Hong Kong after it said the island’s judiciary system will remain independent from the mainland and this helped to ease recent tensions. However, the market’s current strong bullish momentum mostly comes from reassuring news on the virus front as signs of a slowing infection rate are being recorded almost everywhere. Even if other risks (political, second wave) should not be completely ruled-out by traders, the bet of an economic recovery is clearly boosting market sentiment this week. This is reflected in the fact that the top movers on European benchmarks come from the energy and financial sectors. While the rise of mining and energy shares is largely a reflection of the recent price stabilisation of black gold, the rally registered by financial companies shows a growth in investors’ confidence in an economic recovery from a short-term prospective.
Today’s best performance comes from the FTSE-100 Index as the UK moved closer to a reopening and is now ready to get back to business. The price cleared resistance at 6,080pts, with this level now playing a support role for the market. The index is now likely to head to 6,170pts and 6,210pts by extension.
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.