Financial News – Tuesday, 29 January 2019

These are the most important news, in the financial markets, for today, in my opinion.

If you like to get a FREE daily update on financial markets just subscribe to my newsletter using the form below and follow me on social media.

Newsletter

FINANCIAL MARKETS

Brexit: May to ask EU to reopen withdrawal agreement over Irish backstop and UK Parliament set to vote on PM May’s Plan B

Theresa May has told the cabinet that she is going to formally ask the EU to re-open the withdrawal agreement struck last November to make changes to the Irish border backstop. Brussels and other European countries have repeatedly stated that they will not do this – it will now be a test of whether they mean it.
This evening MPs will vote on a number of amendments to Mrs May’s bill that was rejected overwhelmingly a couple of weeks ago.


U.S. Charges China’s Huawei

U.S. prosecutors allege Huawei Technologies Co. stole trade secrets from an American rival and committed bank fraud by violating sanctions against doing business with Iran in charges filed in New York and Washington state yesterday.


Apple Reports Earnings

Apple results due out after the market close will be today’s main event, as a busy week for earnings rolls along.


Fed Kicks Off Policy Meeting

The Federal Reserve will be concluding its monetary policy meeting on Wednesday. While no interest rate change is expected, the good news is that there will be a FOMC press conference to look forward to in this and every future meeting. Therefore, the attention will be on Jerome Powell’s remarks from 19:30 GMT (14:30 ET) onwards, where the Fed Chair will be scrutinised closely for clues on future policy changes.


Tesco confirms that up to 9,000 jobs are at risk at its head office and in stores

The supermarket blames a competitive and challenging market.
It is closing some deli counters and reducing hours spent on stock control.
Tesco said it hopes to redeploy around half of the impacted staff to new roles.


UK personal insolvencies hit seven-year high

A jump in personal insolvencies in the fourth quarter of 2018 sent the total number of people going bust last year in England and Wales to the highest level since 2011.


Oil seen higher

After registering some losses yesterday, caused by an increase in US oil rig numbers, oil prices were seen higher today, as the US imposed new sanctions on Venezuela’s state-owned oil firm, PDVSA.


Gold Prices Rise Above $1,300 Ahead of Fed Meeting

Gold prices steadied today in Asia and remained above the $1,300 psychological mark amid renewed China-U.S. tension.


CRYPTOCURRENCIES

Cryptocurrency markets remain bearish: The negative momentum persisted in crypto markets over the past 24 hours, as 9 of the top 10 cryptos registered losses. At the time of writing, Bitcoin was down around 1.6%, trading above the $3,400 mark. Of the top 10 cryptos, Stellar registered the largest losses, down more than 6.8%.


Down Again: Bitcoin Is Closing on Key Long-Term Price Support

Bitcoin (BTC) is on the defensive after a drop to six-week lows and could soon test crucial long-term support below $3,300.
The cryptocurrency fell to $3,322 – the lowest level since Dec. 17 earlier today – bolstering the bearish view put forward by Monday’s high-volume range breakdown.
Trading volumes jumped to 18-day highs near $7 billion yesterday, according to CoinMarketCap data.
Read more at http://cryptobreaking.com/down-again-bitcoin-is-closing-on-key-long-term-price-support/


BitTorrent Tokens Sold Out in Under 15 Minutes, Netting Over $7 Mln

The BitTorrent token (BTT) sale on the Binance Launchpad platform concluded today Jan. 28, netting $7.1 million dollars with the sale of 50 billion tokens in under 15 minutes. Binance announced the conclusion of the sale in an official blog post.
BitTorrent is a protocol for peer-to-peer file sharing, allowing users to distribute files such as music or videos over the internet.
Read more at http://cryptobreaking.com/bittorrent-tokens-sold-out-in-under-15-minutes-netting-over-7-mln/

More news on cryptocurrencies at http://cryptobreaking.com