Market Update:
US equities rose for a third day in a row as investor sentiment was positive following a good cohort of earnings results and signs of an easing trade war between the US and China. The Whitehouse indicating that the President had a ‘long and very good’ conversation with China’s President, Xi Jinping, particularly over the trade war ahead of the G20 summit in November; We received a further indication of how well the US employment market is doing after data on claims for unemployment benefits are at their lowest levels seen since 1973. Official US employment statistics will be released later tonight; Oil prices fell quite substantially overnight, closing at a seven-month low with Brent and WTI down 2.5% and 2.9% respectively; Oil moved downward after signs of US supply accelerating and on speculation that American sanctions against Iran will not succeed in reducing exports to zero; The Bank of England left rates on hold, but Mark Carney gave a hawkish view with inflation running above 2%; One bad apple may spoil the sentiment. Apple fell after hours on disappointing forecasts, APPL -7%.
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