British Prime Minister Theresa May is hanging on to her post despite growing backlash to her Brexit plan. Yahoo Finance’s Oscar Williams-Grut has details from London.
It’s hard to imagine a more chaotic run-up to Britain’s exit from the European Union. Here’s why investors can’t ignore it.
Bitcoin prices are trading marginally higher on Friday, but set to book its second consecutive losing week after the recent rout.
The U.S. dollar sells off versus its major rivals on Friday, after Federal Reserve Vice Chairman Richard Clarida offers some dovish comments. The ailing buck gives more room to rebound to the British pound, which recovers from its worst one-day performance in more than two years on Thursday.
In could be a tense weekend for currency traders and others keeping a close eye on the political turmoil surrounding the British government’s efforts to negotiate its exit from the European Union.
Investing.com - Gold prices surged on Friday as American officials dashed hopes for an imminent solution to trade tensions between China and the U.S. and the dollar suffered from dovish comments from the Federal Reserve and a bearish call from Morgan Stanley (NYSE:MS).
The dollar fell on Friday after Richard Clarida, vice chairman of the Federal Reserve, said that interest rates were near neutral, but indicated that a December rate hike is still possible. Clarida told CNBC on Friday that the Fed hasn’t raised rates too far or fast but that it’s too early to know if they should increase rates too far to hold back growth. The 2.5% to 3.5% range is considered a neutral level that doesn’t stimulate or hinder the economy, he said.
The currency trader made more than $1 billion short-selling the British pound and Mexican peso in the 1990s. During the 2008 financial crisis he loaded up on shares of Bear Stearns Cos. Over the decades, he’s amassed a $5.8 billion fortune, which includes one of the world’s largest private art collections and soccer team Tottenham Hotspur, according to the Bloomberg Billionaires Index. Koons, 63, held the title since 2013, when his orange balloon dog sold for $58.4 million.
European markets struggle Friday, finishing in the red and with chunky weekly losses, as concerns about the U.K.’s Brexit deal again hit top banks, and chip makers are dented after Nvidia Corp. warn on weaker sales ahead.
London’s main stock index logs another losing session Friday, driven by banks and drug companies, and continued political turmoil over Brexit plans. .