European shares slipped on Wednesday following the trend set by US stocks at the end of the trading session yesterday. Despite good news from China, after Beijing announced the government will prepare to proceed with further US pork purchases, investors remain cautious with their stock exposure.
Market sentiment has been slashed yesterday evening after the speaker of the US House of Representatives, Nancy Pelosi, triggered a formal impeachment inquiry on President Trump, saying he has “seriously violated the constitution” by putting pressure on Ukraine’s President Zelensky during a phone call to investigate his then political rival Joe Biden. The fall-out on the stock market remains somehow limited for now as this impeachment inquiry is unlikely to pass a Senate which controlled by a Republican majority. However, this adds further political uncertainty over the US and some investors are starting to wonder whether the FED will be able to battle both an economic slowdown and the negative impacts of political chaos in Washington.
Elsewhere in Europe, the Stoxx-600 is being dragged lower by Techs and Energy shares while Boris Johnson is now back in Britain, having cut short his trip in New York, following the UK Supreme Court decision stating that his Parliament prorogation was unlawful. The FTSE-100 index in London continues to trade lower following the Pound Sterling’s surge yesterday shortly after the Supreme Court’s decision. The market has now broken-out the 7,207.0pts support level, is trading towards 7,190.0pts currently and has now an entire open zone until the next support level located more than 30-points lower, at 7,160.0pts.
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.