The U.K. Stock market
- The U.K. stock market was lower this week.
- Boris Johnson agreed a new Brexit deal with the EU but on Saturday MPs voted to withold support for it until it has been enacted into law. The Prime Minister then sent a letter of request to the EU formally asking for another extension as he was legally required to do. The government has said it will push again this week to get the deal voted through.
- The Pound rallied further this week on the belief that one way or another the deal will be finalised and a no-deal outcome avoided.
- Our Breadth indicator stayed neutral but our Momentum indicator ticked down again.
The U.S. Stock market
- The U.S. stock market was higher this week.
- Companies began reporting third quarter earnings and there were a number of upside surprises which pleased investors.
- Optimism may have been dampened a little though by economic data which showed industrial production fell more than expected.
- Our Breadth indicator stayed neutral but our Momentum indicator ticked lower again.
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