The U.K. Stock market
- The U.K. stock-market was lower this week as concerns grew over the coronavirus outbreak and its potential impact on the global economy. The World Health Organization declared the outbreak a global health emergency.
- The U.K. ended its membership of the E.U. at 11pm on Friday as Brexit became official. An 11-month transition period has now begun during which the U.K. and E.U. will hope to reach agreement on the terms of their future relationship.
- The Bank of England MPC voted 7-2 to keep interest rates on hold.
- Our Breadth indicator turned negative this week and our Momentum indicator ticked down.
The U.S. Stock market
- The U.S. stock-market was lower this week as concerns over the coronavirus increased.
- Oil prices fell and energy stocks under-performed.
- The Fed kept rates on hold having cut three times last year.
- Better-than-expected quarterly earnings reports from Microsoft and Apple was one positive aspect in a negative week.
- Our Breadth indicator turned negative this week and our Momentum indicator ticked lower for the first time since October.
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