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Market Reports

Tuesday 17 October 2017  13:30

Euro continues to slide

On Tuesday, the euro extended a slide and stocks in Europe drifted as Spain cut forecasts for growth, alerting investors to the economic costs of the Catalan crisis. The dollar gained amid speculation the next Federal Reserve chairman will be more hawkish.

The common currency declined for a fourth day, the longest streak since May. The Stoxx Europe 600 Index fluctuated following mixed trading in Asian stocks earlier, after North Korea warned that a nuclear war could “break out any moment.” The pound weakened after Bank of England Governor Mark Carney said the central bank is making contingency plans for a “hard” exit from the European Union. Treasuries were steady as odds rose that John Taylor will replace Janet Yellen at the Fed. WTI crude resumed its push above $52 a barrel as tensions in Iraq lingered.

Spain, the euro-area’s fourth biggest economy, cut its growth forecast for 2018 to 2.3 percent, from 2.6 percent, acknowledging the impact of an escalating political crisis in a region that accounts for a fifth of the country’s output.

The Stoxx Europe 600 Index declined 0.1 percent as of 7:15 a.m. New York time.  The U.K.’s FTSE 100 Index fell 0.2 percent to the lowest in more than a week. Spain’s IBEX Index fell 0.3 percent to the lowest in a week.  The MSCI Emerging Market Index sank 0.3 percent, the first retreat in more than a week.  Futures on the S&P 500 Index dipped less than 0.05 percent.

West Texas Intermediate crude climbed 0.5 percent to $52.15 a barrel, the highest in more than three weeks.  Gold dipped 0.6 percent to $1,288.58 an ounce, the weakest in a week.  Copper decreased 0.9 percent to $3.21 a pound, the first retreat in more than a week.

Japan’s Topix index closed 0.2 percent higher in Tokyo after gaining as much as 0.6 percent. Hong Kong’s Hang Seng Index and the Shanghai Composite Index were little changed.


This article was compiled by BOV Asset Management Limited, a member of the BOV Group. BOV Asset Management, TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000. Email: infoassetmanagement@bov.com Internet address: www.bovassetmanagement.com. BOV Asset Management is licensed by the MFSA.

 

 

 

 

 

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