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New highs for DAX and Bitcoin

Written by Joshua Mahony | 2017-10-12 15:22:02 GMT
  • DAX and Bitcoin hit new highs
  • Brexit deadlock drives sterling lower
  • US banks kick off Q3 earnings season

Investors in both traditional and non-traditional markets have enjoyed the benefits of an improved risk appetite, with Bitcoin breaching $5000 and the DAX hitting 13,000 for the first time. Interestingly, despite improved attitudes to risk, we are also seeing gain for the likes of gold too.

The continued ascent of the FTSE has had much to do with the negative effect of the disjointed Brexit negotiations, with daily updates seemingly highlighting just how unsuccessful the initial rounds of talks have been. The current ‘deadlock’ shows little signs of being broken, with both sides unwilling to budge in their stance and combative positions. As time ticks on, the chance of a hard Brexit are heightened.

US third-quarter earnings season is underway today, with banks grabbing centre stage. Earnings data from JPMorgan and Citigroup saw profits rise once again, despite challenging bond trading conditions leading revenue lower for the quarter. Rising rates are no doubt going to be a big determining factor in profitability, with the retail section of the industry proving increasingly lucrative.

Author

Joshua Mahony
FXTM

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