HSBC leads FTSE 100 slide
|The pound has pushed higher despite a weaker jobs report than expected this morning. HSBC has led the FTSE 100 losses, with trade war concerns continuing to bite. Meanwhile, cryptocurrencies come back into vogue amid recent resurgence
- FTSE 100 fall, as pound punches higher
- HSBC the big loser as trade war hurts outlook
- Cryptos begin to bite back, as speculators start to pile back in
Global markets are in the red today, with fading hopes of an impending breakthrough between the US and China putting off bulls in a day devoid of optimism. The pound has a been a big outperformer today despite a weaker than expected UK jobs report in the morning, with sterling punching into a two-week high against the dollar. The inverse relationship between the pound and FTSE 100 means that UK stocks have also got that FX factor dragging them lower.
HSBC has been the big underperformer in the FTSE 100 today, as the bank suffers at the hands of continued trade uncertainty between the US and China. The bank straddles Asia and the West, which brings an acute susceptibility to the slowdown in China. Interestingly, the bank posted a more than healthy 16% rise in pre-tax profits, yet traders remain sceptical given the negative impact the US-China trade spat is having.
Cryptocurrencies appear to have found a footing this month, with the likes of Bitcoin and Ether gaining ground over the past two trading days. The dollar weakness story seen throughout much of the commodity and FX markets will certainly help things, yet many will see this as the beginning of a bullish phase for these unloved markets. With Bitcoin up over 17% in less than two-weeks, we are now starting to see traders jump on-board to avoid missing out on a potential bull run for cryptos.
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