Life Leeches Out Of Sterling; Investors Lose Sweet-Tooth For AG Barr
Spreadex | Jul 16, 2019 09:21
A do-nothing start for the global indices left the floor clear for investors to focus on the incoming UK jobs report.
Even before the latest jobs data, life continued to leech out of sterling as the prospect of Brexity Boris Johnson as PM grows ever closer. Cable tumbled back under $1.249 after shedding 0.3%, while against the euro sterling was flailing at a fresh 6-month nadir of €1.1095.
It is, then, going to take a pretty special jobs report to clear the dark clouds currently hanging over the currency. Sadly for sterling, wage growth is merely expected to hold at 3.1%, with the unemployment rate similarly unchanged at 3.8%; the claimant count change, meanwhile is set to fall from 23.2k to 18.9k.
Despite the pound’s problems, the FTSE wasn’t able to reclaim 7550 after the bell. A soft start from BP (LON:BP), Shell (LON:RDSa) and Rio Tinto (LON:RIO) – the latter announced further delays and rising costs at its underground copper project in Mongolia – helped keep the index on a leash; ditto the generally uninspired open across Europe, the DAX and CAC trickling 0.1% and 0.2% lower respectively.
Investors lost their sweet tooth on Tuesday, ditching Irn Bru-brewer A.G.Barr PLC (LON:BAG) after the fizzy drinks firm warned that full year profit would be down as much as 20% year-on-year. This came as it stated half year revenue would be down around 10% to £123 million. Taxed by the sugar tax, the stock plunged 30%, leaving it at lows last seen at the end of 2017.
Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.
In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved."
Original Post
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.