Markets in Details: 21 June 2019

21 June, 2019

Gold is shining

Gold has got over the $1400 mark and is testing a six-year high after the dovish signals from the Fed on Wednesday. The next day the ECB said they were prepared to provide stimulus should economic conditions deteriorate. The increase in the metal was also supported by elevated tensions in Middle East when President Trump ordered an attack on Iran and called off the strikes at the last minute. A weak macroeconomic outlook, low treasury yields and a soft dollar are the factors that also contribute to the asset’s growth.

Final leg

Boris Johnson will now compete for the Conservative Party’s top post and the job of UK Prime Minister with Foreign Secretary Jeremy Hunt who had got two more votes than Michael Gove. On Friday, the EU announced they were ready to work with the new PM but also emphasized that they will not renegotiate the Brexit deal.

Back into equities

Global equity funds attracted $14.3bn in net inflows for the week to Wednesday, as market participants saw the dovish central banks and low inflation as a perfect scenario to be bullish and move forward. Despite key indexes being near all-time highs, the tech areas could gain profits if the U.S. had managed to reach a trade deal with China. The Philadelphia semiconductor ETF is 10% below its April peak after several big brands had published disappointing results due to the ongoing trade conflict.

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