Tuesday, 30 July 2019

Stocks mixed, sterling falls on prospect of no-deal Brexit

Markets were mixed on Monday.

The S&P 500 slipped 0.2 percent and the Nikkei 225 fell 0.2 percent but the STOXX Europe 600 was flat.

As US stocks pulled back from record highs, Michael Wilson, chief equity strategist at Morgan Stanley, wrote in a note to clients: “We think this latest surge will fail again, as we don’t expect a Fed cut to rekindle growth the way market participants may be hoping, and now pricing.”

In Europe, sterling fell over 1 percent, touching a 28-month low.

Sterling fell after Michael Gove, a member of newly-elected UK prime minister Boris Johnson's cabinet who is in charge of planning for a no-deal Brexit, wrote in the Sunday Times: “No deal is now a very real prospect.”

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