The U.K. Stockmarket
- The U.K. stock market was lower this week with the UK All-Share Index falling to a four month low.
- The pound rallied on positive comments from the EU’s chief Brexit negotiator, Michel Barnier who said he would be willing to discuss new customs arrangements for the Irish border and Angela Merkel who said that the EU must achieve very close relations with Britain.
- Our Breadth Indicator stayed negative this week and our Momentum indicator ticked lower again.
The U.S. Stock market
- The U.S. stock market was lower this week as fear increased that the trade war with China could intensify.
- President Trump said he could implement $200 Billion of tariffs “very soon” and warned that he might impose further tariffs on nearly all imports from China.
- Technology stocks under-performed as did the energy sector as the price of oil fell sharply.
- Jobs data on Friday indicated job growth and wage inflation had picked up in August.
- Our Breadth indicator turned negative and our Momentum indicator ticked lower again.
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This communication is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell investments.’