FTSE 100 hobbled by Gold and Silver fall

Chris Beauchamp IG

More losses for gold and silver have acted as a drag on the FTSE 100, says Chris Beauchamp, Chief Market Analyst at online trading and investing platform IG.

Miners weigh on FTSE 100

It’s another mixed day for the FTSE thanks to the mining sector. Gold and silver keep on weakening, casting a long shadow over Endeavour Mining and Fresnillo, and leaving the index without the momentum to push on towards 11,000. It hasn’t been a very exciting start to the week on the continent either, with the equity rally looking distinctly tired and unable to muster up much enthusiasm even as the US and Iran look to resume talks.

Dow regains 52K but tech struggles

The shortened week in the US gets underway with more wobbles for technology stocks. Despite Amazon’s solid 5% start the rest of the sector failed to hold initial gains, but at least the Dow has recouped the 52,000 level in early trading. The bias lies to the upside over the next few sessions, helped by the fact that president Trump seems keen to avoid any further hostilities with Iran ahead of the 4th July holiday.

Author

Chris Beauchamp

Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.

GBP/USD bounces off four-day lows, still below 1.3500

GBP/USD sticks to the bearish tone on Thursday, coming down to the 1.3480 region in the latter part of the NA session. In the meantime, Cable’s weakness comes as investors continue to assess mixed UK data, poor US results, and the persistent uncertainty surrounding the US-Iran conflict.

EUR/USD looks apathetic around 1.1530

EUR/USD reverses Wednesday’s downtick and trades with modest gains in the 1.1530 region following the end of the NA session on Thursday. The pair’s tepid advance comes on the back of the absence of clear direction in the US Dollar despite tensions from the Middle East appear far from alleviated. Later on Friday, investors are expected to monitor the the releases of another revision of GDP figures in the Euroland, US Retail Sales and the preliminary U-Mich gauge.

Gold loses the grip, recedes toward $4,350

Gold extends its intraday pullback on Thursday, retesting the $4,350 zone per troy ounce, or three-day troughs. Meanwhile, the yellow metal continues to monitor developments from the Middle East as well as bets surrounding the potential Fed’s rate path.

Ethereum Price Forecast: Fidelity plans to add staking to ETH ETF amid yield debate

Asset manager Fidelity has filed with the US Securities and Exchange Commission (SEC) to permit staking in its Ethereum (ETH) exchange-traded fund (ETF), the Fidelity Ethereum Fund (FETH), which holds over $898 million in net assets.

Week ahead – Summer lull could be tested by geopolitics and central bank expectations

US dollar stabilizes as September Fed hike bets remain subdued. Market volatility stays low, but thin liquidity could amplify movements. Key UK data could challenge pound strength; euro craves bullish catalysts.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.