The 8 things you need to know about markets today
The UK housing market is being hit from every angle
Demand from buyers and agreed sales declined, while and property prices are falling. The number of people enquiring about houses has fallen, with 20% of respondents feeling the pinch.
The pound fell by 0.1% against the dollar as a result and 0.3% against the euro.
Bitcoin hits another record high
The cryptocurrency climbed to $7882 on Wednesday evening. The rally came after a planned upgrade of Bitcoin was cancelled. Investors were worried that the update would disrupt the digital asset.
Wall Street grasps all-time high
Wall Street ended at a record high on Wednesday, after Apple’s market capitalization rose to $900 billion. The Dow Jones ended at $23563.36, while the S&P 500 closed at $2594.38 and the Nasdaq 100 halted the session at $6789.12.
- Oil edged lower as US inventories creeped up
Oil prices dwindled on Wednesday after US government data indicated there was a rise in US production. Brent oil settled at $63.49, now inching upwards, trading at $63.62.
- Gold adds to gains
The precious metal has edged upwards thanks to a decline in the dollar and an increase in demand for safe-haven assets. Gold has added 0.45% to its value so far today.
- Currency markets flat as investors await US tax reform details
Investors are anxious that there may be a delay to the tax reform plan. It is proposed that the plan will decrease the corporate tax to 20%, from 35%. However, many are worried that the deficit created by less taxes could have a major effect on the US economy.
- Trump continues Asian tour
US President Donald Trump arrived in China on Wednesday. Trump is aiming to recruit the second biggest economy in the world in his effort to contain North Korea’s nuclear programme.
Trump also stated that the trade deal between the US and China was more beneficial to China.
- Walt Disney reports earnings
Walt Disney’s earnings will be closely dissected as the company remains in talks to buy out Rupert Murdochs 21’s Century Fox.