GBP crash continues - 4 Things to know for today
- by Roger Gain
Markets are mixed for now, investors waiting for Google.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. GBP free-falling
The British pound dropped to a staggering 31-year low against the U.S. dollar on Tuesday as concerns mount about the long term impact of Brexit on the U.K. economy.
Bloomberg reported that the British government would not prioritize the interests of the country's huge financial services industry in its exit negotiations with the European Union. Thousands of financial firms based in the U.K. currently enjoy "passporting rights" that allow them to trade freely across Europe's markets.
But the weaker pound was helping to boost the FTSE 100 index of leading shares, which includes many big exporters and companies that earn much of their profits in dollars and other currencies.
2. Google event is coming
Google is expected to reveal a collection of new tech products in San Francisco on Tuesday. They are likely to include two new smartphones aimed at taking on Apple's iPhone, and Google Home, the company's answer to Amazon's Echo speaker.
3. Stocks to watch
Deutsche Bank, Amazon: Deutsche Bank (DB) is up 2.8% in premarket trading. The bank had a rough couple of days last week.
Its stock slumped as investors worried that it may not be able to afford a looming U.S. fine for trading in toxic mortgages a decade ago.
Amazon is trading 0.6% up premarket.
Priceline (PCLN, Tech30), Chipotle (CMG) and Wynn Resorts (WYNN) were up after hours Monday.
4. Markets overview and future data
U.S. stock futures are mixed. European markets are up in early trading. Asian markets ended the session higher. Japan's Nikkei closed up thanks to a weaker yen.
The Dow Jones industrial average closed down 0.3% on Monday, while the S&P 500 was down 0.3% and the Nasdaq was down 0.2%.
The International Monetary Fund will release its latest World Economic Outlook at 12:00GMT.
Japanese consumer confidence surged in September, to the highest level in three years.
Later this week:
Wednesday - International trade report; Petroleum status report
Thursday - Weekly U.S. jobless claims
Friday - September U.S. NFP jobs report