Sterling rallies as Brexit talks set to resume

Europe’s chief negotiator Michel Barnier agreed that more could be done to match compromises made by the UK.

The statement sent GBPUSD to an intraday high of 1.3178, which is the highest rates have quoted since September 7th.

In his speech, which he delivered to the European Parliament, Barnier stated that, “Despite the difficulties we’ve faced, an agreement is within reach if both sides are willing to work constructively, if they’re willing to compromise and if we’re able to make progress in the next few days”.

The FTSE 100 was down 1.91% due to a stronger Pound.

NASDAQ flat ahead of Tesla earnings

The NASDAQ was down 0.06% as of writing after disappointing data yesterday from Netflix. However,  Tesla is set to release its third quarter earnings report, which many hope will boost the index on tomorrow’s open.

The earnings call which will come after the closing bell, will allow investors to peak under the hood of the car maker and see if its performance will keep up with its 2020 stock market performance.

Shares in the Elon Musk company are up 430% YTD, and may be set to continue upward depending on this evening’s report.

HSBC to cut 300 commercial banking jobs  

HSBC have announced that it will be restructuring its UK commercial banking division, as a result of lower margins due to the COVID-19 outbreak.

The move comes as the bank hopes to cut costs and it is expected that close to 300 jobs will be affected. In a statement regarding the news, a spokesperson for the bank stated, “In line with the Group strategy announced in February, we continue to restructure and review the roles required to transform the bank”.

Lockdown restrictions have meant more customers have switched to online banking and rendered some physical branches obsolete.

Shares in HSBC fell 2% on the news.

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Eliman Dambell

Senior Market Analyst
edambell@tvmarkets.com