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You can find the current article at its original source at https://www.theguardian.com/business/live/2018/nov/21/markets-rattled-us-china-trade-brexit-pound-dow-ftse-business-live
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| Markets bounce back; Italy demands respect after EC budget rejection — as it happened | Markets bounce back; Italy demands respect after EC budget rejection — as it happened |
| (10 days later) | |
| And finally.... the Wall Street rally has just fizzled out in late trading. | And finally.... the Wall Street rally has just fizzled out in late trading. |
| The Dow Jones industrial average has closed flat, at 24,464 points. | The Dow Jones industrial average has closed flat, at 24,464 points. |
| The S&P 500 gained 0.3%, though, while the Nasdaq ended 0.9% higher - with tech stocks and energy companies rallying. | The S&P 500 gained 0.3%, though, while the Nasdaq ended 0.9% higher - with tech stocks and energy companies rallying. |
| Investors had some mixed US economic data to digest today, with new unemployment claims rising and durable goods orders dropping. | Investors had some mixed US economic data to digest today, with new unemployment claims rising and durable goods orders dropping. |
| The Dow was up more than 200 points at one point today, but its gains started slipping in the final minutes of trade and closed barely lower. It's been a volatile week for the market already. https://t.co/n8wH3fs71Y pic.twitter.com/MMMRzz6vHB | The Dow was up more than 200 points at one point today, but its gains started slipping in the final minutes of trade and closed barely lower. It's been a volatile week for the market already. https://t.co/n8wH3fs71Y pic.twitter.com/MMMRzz6vHB |
| US traders are now scrambling home for Thanksgiving, so the market will be closed tomorrow. | US traders are now scrambling home for Thanksgiving, so the market will be closed tomorrow. |
| We’ll be back on Thursday, though. Until then, goodnight! GW | We’ll be back on Thursday, though. Until then, goodnight! GW |
| Just spotted this.... Mark Carney, governor of the Bank of England, has taken British citizenship today. | Just spotted this.... Mark Carney, governor of the Bank of England, has taken British citizenship today. |
| That’s via Jenny Headlam-Wells, mayor of the London borough of Camden. | That’s via Jenny Headlam-Wells, mayor of the London borough of Camden. |
| Pleased to welcome Mark Carney, Governor of the Bank of England, to the Citizenship Ceremony at Camden Town Hall this morning pic.twitter.com/G3aC5XKe2y | Pleased to welcome Mark Carney, Governor of the Bank of England, to the Citizenship Ceremony at Camden Town Hall this morning pic.twitter.com/G3aC5XKe2y |
| Yes, Mark Carney became a British citizen, along with 40 other Camden residents from 26 different countries. | Yes, Mark Carney became a British citizen, along with 40 other Camden residents from 26 different countries. |
| Back on Italy..... and Rome’s leaders are refusing to back down over their tax and spending plans for 2019, despite the EC’s opposition: | Back on Italy..... and Rome’s leaders are refusing to back down over their tax and spending plans for 2019, despite the EC’s opposition: |
| My colleague Angela Giuffrida reports: | My colleague Angela Giuffrida reports: |
| Italy’s deputy prime minister Matteo Salvini has said he is prepared to confront EU leaders after the European commission rejected his country’s draft 2019 budget for a second time, while calling on them to “respect the Italian people”. | Italy’s deputy prime minister Matteo Salvini has said he is prepared to confront EU leaders after the European commission rejected his country’s draft 2019 budget for a second time, while calling on them to “respect the Italian people”. |
| Italy is facing sanctions after the commission said in a report that the government of the far-right League and anti-establishment Five Star Movement had seriously violated fiscal rules. | Italy is facing sanctions after the commission said in a report that the government of the far-right League and anti-establishment Five Star Movement had seriously violated fiscal rules. |
| Matteo Salvini ready to ‘confront EU’ after Italy’s budget rejected again | |
| Mystery solved.... | Mystery solved.... |
| Santa Claus walks the @NYSE floor, highlighting the eve of Macy's #ThanksgivingDayParade, before the opening bell on Nov. 21, 2018. Stocks traded higher on Wednesday as major technology shares rebounded from steep losses earlier this week. Photo by John Angelillo for @UPI. pic.twitter.com/P0li6TTaNu | Santa Claus walks the @NYSE floor, highlighting the eve of Macy's #ThanksgivingDayParade, before the opening bell on Nov. 21, 2018. Stocks traded higher on Wednesday as major technology shares rebounded from steep losses earlier this week. Photo by John Angelillo for @UPI. pic.twitter.com/P0li6TTaNu |
| Santa rang today's Opening Bell, and he brought an early Christmas present for the market #StraightFromTheFloor pic.twitter.com/qJCpEP7hs5 | Santa rang today's Opening Bell, and he brought an early Christmas present for the market #StraightFromTheFloor pic.twitter.com/qJCpEP7hs5 |
| With the markets so choppy this autumn, investors need to take a few deep breaths, and brace for more storms. | With the markets so choppy this autumn, investors need to take a few deep breaths, and brace for more storms. |
| Or, as analysts at Citigroup put it to clients today: | Or, as analysts at Citigroup put it to clients today: |
| “In stormy seas, cursing the waves won’t bring calm. | “In stormy seas, cursing the waves won’t bring calm. |
| We believe investors need to adapt portfolios for both a tighter U.S. monetary policy environment, and material, unpredictable political risks.” | We believe investors need to adapt portfolios for both a tighter U.S. monetary policy environment, and material, unpredictable political risks.” |
| In practice, that means looking at emerging markets, such as in Asia, and healthcare stocks. It also means not fretting too much about America going into recession in 2020, or later.... | In practice, that means looking at emerging markets, such as in Asia, and healthcare stocks. It also means not fretting too much about America going into recession in 2020, or later.... |
| Marketwatch has more details. | Marketwatch has more details. |
| Wall Street is also enjoying a better day. | Wall Street is also enjoying a better day. |
| With two hours trading to go, the Dow is holding onto its gains -- currently up 180 points at 24,646 points (up 0.75%). | With two hours trading to go, the Dow is holding onto its gains -- currently up 180 points at 24,646 points (up 0.75%). |
| Three companies who led yesterday’s selloff are now leading the recovery; Oil producer Chevron (+2.5%), construction machinery giant Caterpillar (+2.2%) and Microsoft (+2.25%). | Three companies who led yesterday’s selloff are now leading the recovery; Oil producer Chevron (+2.5%), construction machinery giant Caterpillar (+2.2%) and Microsoft (+2.25%). |
| Traders even have a special guest - more than a month early! | Traders even have a special guest - more than a month early! |
| Here’s David Madden of CMC Markets on today’s stock market recovery, and the Italian budget row: | Here’s David Madden of CMC Markets on today’s stock market recovery, and the Italian budget row: |
| European stock markets have gained ground today even though the tension between the Italian government and the EU has risen. | European stock markets have gained ground today even though the tension between the Italian government and the EU has risen. |
| The EU announced that Italy will be disciplined for their budget, and this could cause massive instability in the region. If tensions continue to be strained, it might hurt the Italian government bond market, which could weaken the banking system. Brexit is still doing the rounds in the news, but traders are unlikely to take any notice until there are new developments. | The EU announced that Italy will be disciplined for their budget, and this could cause massive instability in the region. If tensions continue to be strained, it might hurt the Italian government bond market, which could weaken the banking system. Brexit is still doing the rounds in the news, but traders are unlikely to take any notice until there are new developments. |
| The autumn of volatility continues. | The autumn of volatility continues. |
| European stock markets have closed higher tonight, recovering Tuesday’s losses, but doing little to help traders’ blood pressure. | European stock markets have closed higher tonight, recovering Tuesday’s losses, but doing little to help traders’ blood pressure. |
| Britain’s’s FTSE 100 has gained 102 points or 1.5% to 7050, while Italy’s FTSE MIB jumped 1.4%. | Britain’s’s FTSE 100 has gained 102 points or 1.5% to 7050, while Italy’s FTSE MIB jumped 1.4%. |
| Trade wars, Brexit and the Italian budget row remain unsolved, of course, but they’re not weighing on stocks quite as heavily. | Trade wars, Brexit and the Italian budget row remain unsolved, of course, but they’re not weighing on stocks quite as heavily. |
| Bart Hordijk, Market Analyst at Monex Europe, suspects the Italian budget row will bubble on into 2019: | Bart Hordijk, Market Analyst at Monex Europe, suspects the Italian budget row will bubble on into 2019: |
| ”The fact that there are no easy compromises for both parties involved is for us an indicator that this conflict will continue to simmer in the background for the coming months.” | ”The fact that there are no easy compromises for both parties involved is for us an indicator that this conflict will continue to simmer in the background for the coming months.” |
| A mass of US economic data has landed on the markets, ahead of tomorrow’s Thanksgiving break. | A mass of US economic data has landed on the markets, ahead of tomorrow’s Thanksgiving break. |
| We’ve just learned that: | We’ve just learned that: |
| US home sales rose slightly in October, by 1.4%. That end a six-month run of declines, but the annual rate (5.22m per year) is still lower than this time last year. | US home sales rose slightly in October, by 1.4%. That end a six-month run of declines, but the annual rate (5.22m per year) is still lower than this time last year. |
| Orders for durable goods sank by 4.4% in October, the biggest drop since July 2017. It was mainly due to weaker demand for aircraft (a volatile factor) | Orders for durable goods sank by 4.4% in October, the biggest drop since July 2017. It was mainly due to weaker demand for aircraft (a volatile factor) |
| The number of Americans signing on for unemployment benefit rose to 224,000 last week, a four-month high (but still low in historical terms) | The number of Americans signing on for unemployment benefit rose to 224,000 last week, a four-month high (but still low in historical terms) |
| US consumer confidence has dropped; the University of Michigan’s morale index fell to 97.5 this month, down from 98.3, and weaker than expected. | US consumer confidence has dropped; the University of Michigan’s morale index fell to 97.5 this month, down from 98.3, and weaker than expected. |
| 🇺🇸 (USD) U. of Mich. Sentiment (NOV F), Actual: 97.5 Expected: 98.3 Previous: 98.3 https://t.co/F0epTenDMe | 🇺🇸 (USD) U. of Mich. Sentiment (NOV F), Actual: 97.5 Expected: 98.3 Previous: 98.3 https://t.co/F0epTenDMe |
| All in all, a fairly underwhelming picture. | All in all, a fairly underwhelming picture. |