Market moving daily news roundup – events & news likely to move markets 1st August 2019
Company performance, economic and political events but especially market sentiment will always influence market movement, good or bad.
This post is ongoing…
Market moving news roundup, 1st August 2019
Summary
Bank of England
Bank of England interest rate announcement due today at: 12:00. No cut expected. Brexit uncertainty holding interest rates back.
Sterling under pressure again today – trading at around $1.21 at: 10:05 1st August 2019
U.S. – China trade talks
U.S. – China talks ended with little progress other than both sides agreeing to hold more talks scheduled for early September. Chinese shares fall. Asian markets generally fall on this news, and from the U.S. interest rate cut with the Fed being more Dovish than expected. Fed appears to rule out further rate cuts this year..? Dow closed at: 26864 down 333pts on the day.
Brazil cuts bank rate
Germany industrial giant Siemens warns of ‘weakening’ trading environment. Brazil’s central bank cuts rates to 6%. BMW reports record second quarter. Barclays reported a pre-tax profit for the first half of the year – shares climb in early trade.
Shell profits drop on weak energy prices, figures below expectations. Merlin Entertainments profits fell to £25m from £33m a year earlier in the first half of the year 2019. Standard Charter Bank reports rise in first half profits. Shares in shopping centre owner Intu have continued to fall today following on from its share slide yesterday.
FTSE 100 closes little changed today at: 7585
Amazon owner sell shares
The founder of Amazon, Jeff Bezos is reported to have sold $1.8 billion of stock in recent days. He is the world’s richest person.
Manufacturing data indicates continuing contraction for EU & UK
EU manufacturing contracts further. Germany manufacturing data worsens. UK manufacturing also contracts.
Bank of England interest rate announcement update
Bank of England holds interest rate at 0.75%.
BoE cuts growth forecast from 1.5% to 1.3%.
Note: forecast assumes a smooth Brexit transition.
Trumps announces new tariff on Chinese imports
Trump slaps additional tariffs on Chinese imports. A new tariff of 10% on $300 billion worth of Chinese imports will be introduced beginning 1st September 2019. Stock markets go into reverse.