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Nov 20, 2018 8:35 AM | Daily Market News

LGT Navigator: Tech stocks and uncertainties increase pressure

Negative Wall Street conditions also pulled stock prices down on Asian stock exchanges. The weakest sector groups in the S&P 500 were software developers and semiconductor manufacturers. The Nasdaq 100 index fell more than -3% to its lowest level since April. This is due to renewed speculation about weak iPhone demand at Apple and its impact on the supply industry. In addition, news about Renault Nissan CEO Carlos Ghosn (more in today's stock commentary) as well as ongoing turbulence surrounding the impending exit of the British from the European Union and the political survival of British Prime Minister Theresa May are weighing on stock market sentiment. The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations. The capital markets were all relaxed about the thoroughly trend-setting results of the US parliamentary elections, and most stock exchanges recorded some significant gains thanks to the uncertainty that has now been removed. Although US President Donald Trump's position of power has thus been weakened, this should not immediately mean a real change of direction in previous policy, especially with regard to the trade conflict, which is important for the financial markets.

Nov 19, 2018 8:46 AM | Daily Market News

LGT Navigator: Brexit remains in focus in Thanksgiving week

In Asia, the stock markets started the new week with no clear trend. Due to the Thanksgiving holiday in the USA, the trading volume should be lower, but investors will highly anticipate the effects of the upcoming retail blockbuster-days "Black Friday" and "Cyber Monday". In Europe, Brexit developments in the UK will continue to be the focus of attention. Prime Minister Theresa May warned that a vote of no confidence against her would complicate negotiations with the EU and that a new British Prime Minister would face the same problems as her. The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations. The capital markets were all relaxed about the thoroughly trend-setting results of the US parliamentary elections, and most stock exchanges recorded some significant gains thanks to the uncertainty that has now been removed. Although US President Donald Trump's position of power has thus been weakened, this should not immediately mean a real change of direction in previous policy, especially with regard to the trade conflict, which is important for the financial markets.

Nov 16, 2018 2:25 PM | Weekly Market Comment

LGT Beacon: Big selloffs and midterm elections bode well for a rebound

Fear of further increases in US interest rates and some other looming anxieties culminated in a major equity selloff early this month. However, the broader markets' signals were more constructive: yield curves steepened, breakeven rates ticked up, credit spreads narrowed, and emerging markets assets stabilized; so we decided to buy the dip in equities.

Nov 16, 2018 8:44 AM | Daily Market News

LGT Navigator: Government crisis in London

British Prime Minister Theresa May plunged herself into a new crisis with the agreement on a Brexit draft in the immediate resignations of various members of the government. May's final Brexit draft must be approved by the British and European parliaments. The biggest point of contention in the Brexit negotiations is the question of the border between Ireland and Northern Ireland, which would be an external border of the EU if the United Kingdom were to withdraw. It remains to be seen whether the draft treaty will even win a majority in the British Parliament. The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations. The capital markets were all relaxed about the thoroughly trend-setting results of the US parliamentary elections, and most stock exchanges recorded some significant gains thanks to the uncertainty that has now been removed. Although US President Donald Trump's position of power has thus been weakened, this should not immediately mean a real change of direction in previous policy, especially with regard to the trade conflict, which is important for the financial markets.

Nov 15, 2018 8:44 AM | Daily Market News

LGT Navigator: Brexit negotiations on the verge of breakthrough

British Prime Minister Theresa May was given the go-ahead by the Cabinet for the EU withdrawal treaty, which has been promoted by the EU. However, the head of government will have great difficulty finding a majority in parliament for the deal, which will have to ratify the treaty at a later date. EU head negotiator Michel Barnier said that decisive progress had been made. However, the chances for an orderly Brexit have clearly increased and the EU is expected to convene a special summit on 25 November. The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations. The capital markets were all relaxed about the thoroughly trend-setting results of the US parliamentary elections, and most stock exchanges recorded some significant gains thanks to the uncertainty that has now been removed. Although US President Donald Trump's position of power has thus been weakened, this should not immediately mean a real change of direction in previous policy, especially with regard to the trade conflict, which is important for the financial markets.

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