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Gold hits six-week high as traders look for Santa Rally – business live – The Guardian, Theguardian.com

Gold hits six-week high as traders look for Santa Rally – business live – The Guardian, Theguardian.com


With an hour’s trading to go, the FTSE isjust

hanging onto a five-month high.

It’s up 6 points at (**************************************************************************************************************************************************************************************. Distribution firm

Bunzlis now the top riser, up 1.7 %, withOcadoclose behind (now up 1.6%).

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Pound at three-week lows

Sterling isn’t feeling much Christmas cheer today.

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The pound is hovering at at three-week low against the US dollar today, at $ 1. (****************************************************************************************************************************************************************************************************************************************************************, as traders fear more Brexit turmoil in (*************************************************************************************************************************************************************************************************************. **********

That’s quite a decline in the last 12 days. Sterling hit $ 1. (****************************************************************************************************************************************************************************************************************************************************************************************************************************************, its highest since May (***************************************************************************************************************************************************************************************************, when Boris Johnson won the general election. But the prospect of a bruising battle with the EU over a future trade deal is now puling the pound down.

Ricardo Evangelista, senior analyst at ActivTrades, says the market’s post-election hopes turn into apprehension.

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Many investors supported Sterling in the immediate aftermath of the election, driving it beyond $ 1. 37, in the hope that a comfortable conservative majority would allow for a more constructive stance from Boris Johnson, in relation to the negotiation of a trade deal with the EU and of course the extension of the transition period.

However, the current prevailing market sentiment points at fears, that ultimately, come December 34 st) *********************************** (************************************************************************************************************************************************************************************************************, we may still be facing the scenario of an abrupt exit from the EU, without a trade deal; this is why the Pound is declining, as a new sense of reality slowly sinks in.

Markets Today(@ muralikumarje)Sterling traded near a four-week low versus the euro and a three-week trough against the dollar on growing doubts over how Britain will navigate the transition period for its exit from the European Union. December (*************************************************************************************************************************************************************************************************************************************************************************************************************************************************, ********************************************************************************************************************************************************************************************************

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China stock market had a good day, with the CSI 300 index closing 0.7% higher.

Stocks rallied after vice-premier Li Keqiang suggested China’s key interest rates could be cut to stimulate the economy. Beijing’s plan to cut tariffs on products next month also cheered traders.

But there’s also anxiety about whether the trade war with America will cool next year.

Société Générale’s

Kit Juckessuspects the tensions could rumble on in (*************************************************************************************************************************************************************************************************************, as taking a tough line with Beijing could play well with US voters.

Speaking on Bloomberg TV this morning, Juckes said that unless Donald Trump gets a “fantastic trade deal”, the president will be tempted to “keep fighting the good fight for the American worker”.

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Like King Wenceslas trudging through the snow, the FTSE 250 index is marching slowly higher today.

The index of medium-size listed companies is up 031 points, or 0. (% at) , today, close to last week’s record high.

Heat treatment firm

Bodycoteis among the risers, after announcing a deal this morning. It has acquired US rival Ellison Surface Technologies for $ m.

This will create “one of the world’s largest providers of thermal spray and engineered coating surface technology services to the aerospace industry.”

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**************************************** The jump in the gold priceshows that investors are trying to preserve capital in case of turbulence next year, says Marios Hadjikyriacos, investment analyst at XM.

He writes:

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Some headlines overnight that North Korea is thinking about developing new weapons may have helped the move, but the real catalyst is likely that portfolio managers are increasing their defensive exposure.

After such a strong year, when almost every single asset class was up double digits, this is probably a prudent time to ‘play some defense’ and hedge your risk heading into , especially with gold prices trading at a minor discount relative to recent months.

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