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UK Parliament blocks Johnson’s Brexit strategy
Members of the UK Parliament, including ruling party Labour MPs, yesterday voted against a no-deal Brexit. After the vote, the GBP sank to its lowest levels in three years, but has recovered slightly since. Another vote will be held as early as today, and if it passes, it will essentially force Prime Minister Boris Johnson to ask the EU for a deadline extension. Such an outcome may cause Johnson to call for another election, in an attempt to win more support from the British people.
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Today’s highlights: Wall Street seen lower
Wall Street starts September at a loss: US markets closed lower yesterday, as US-China trade war fears continue to impact Wall Street. Both the DJ30 and NSDQ100 closed more than 1% lower, joined by the SPX500.
Cryptos stay in the green: After Bitcoin climbed above $10,000 to start the week, the cryptocurrency market remained on its positive trajectory yesterday. While showing slight declines later, the market was still positive overall compared to 24 hours ago, as Bitcoin was trading near the $10,600 mark at the time of writing.
Asian markets seen higher: Markets in the East were in the green this morning. The HKG50 index was up more than 1.4% at the time of writing, joined by the China50 and JPN225 indices.
Rate decision coming in Canada: The Canadian Dollar could be volatile today. At 12:30 GMT, the monthly Trade Balance report will be released, followed by the Bank of Canada’s rate decision at 14:00 GMT.
More volatility expected for GBP: On top of the effects of Parliament going against PM Boris Johnson, the quarterly Inflation Report Hearings will take place in the UK today at 13:15 GMT, further adding to GBP volatility.
Ridesharing services crash: Both Uber and Lyft, who held IPOs earlier this year, reached new lows yesterday on Wall Street, falling 5.7% and 7.2%, respectively. The recent dip is attributed to investors’ diminishing faith in the ridesharing industry.
Gold closes near 6-year high: The safe-haven asset remains in high demand, as the volatility on Wall Street continues. Yesterday, gold prices closed at their highest levels in 6 years, however, the precious metal reverted to losses this morning.
Oil shows recovery: After yesterday showing significant losses, reaching lows not seen in nearly a month, oil prices recovered yesterday and stayed on the recovery path this morning.
Europe opens higher: The UK100 opened 21 points higher, the GER30 was up 67 points and the FRA40 opened 18 points higher.
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Stocks earnings releases on 04/09/2019
Stocks earnings releases on 05/09/2019
Earnings season coming to an end: To follow upcoming earnings reports, go to eToro’s Earnings Reports Calendar. Please note that maximum leverage for CFD stocks will be limited to X5 one day ahead of earnings report releases. X10 leverage will be available again soon after the report is published.
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* Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
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