Market moving daily news roundup – events & news likely to move markets 7th 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, 7th August 2019
Summary
The U.S. – China trade war continues to cast shadows over global markets.
China’s currency
China sets yuan rate at slightly below $7.00. The yuan has been weakening recently as the trade war between the U.S. and China intensified. The yuan’s level against the dollar is crucial, as a lower currency makes exports cheaper.
Nervous investors
Investors and traders closely watch trade war developments between the U.S. and China as the escalating tension intensifies.
Facebook sues app developers
Asian markets much calmer overnight – even though Japan’s NIKKEI index closed down around 0.5%. Facebook sues developers for ‘infecting’ users mobiles with malware.
Gold
Gold continues its climb as a safe haven during this jittery period, touching $1,500 yesterday.
Company news update summary
Profits fall and Glencore but rise at Legal & General. Shares fall at Standard Life Aberdeen after reporting a fall in profits before tax in the first half of the year. Phoenix Group insurer profits surge. Energy company E.on reported a drop in half-year earnings.
Halifax housing data released today 7th August 2019 data suggests house prices unexpectedly fell last month. Gold price surged through $1,500 for the first time in more than six years.
Dow down at open – FTSE up at close
Dow Jones drops over 550 points in early trade. FTSE climbs to close up at around: 7194. Trump tweets his annoyance with the Federal Reserve. The U.S. president still wants a BIG interest rate cut!
Are negative yields becoming a problem. Just how big is world debt right now?
Central banks cut interest rates
India monetary policy committee (MPC) decides to cut interest rates again to 5.40% – the fourth reduction in as many meetings.
New Zealand cuts interest rate to lowest level ever, bank rate now at 1%. This cut comes with the backdrop of low unemployment – at an eleven year low and with rising wages. Preventative move due to global market trade jitters?
U.S. yields fall!
10-year yield drops under 1.6%, 30-year yield nears record low
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