The pound falls
The pound was weaker as traders mulled the implications of the UK seeking a Swiss-style deal with the EU. The UK’s economic situation is far worse than the rest of the G7, largely down to Brexit and associated restrictions. It’s been reported the government is exploring options to ease pressure on the UK economy and the Swiss-style relationship could achieve this.
China exposed equities dip
Rising COVID cases in China have hit China-exposed equities with the FTSE 100’s miners down in London after a poor session overnight for Asian stocks. The FTSE 100 started the week in the red but was ticking higher as the session progressed.
Growth concerns hit oil
After giving up around 10% last week, Brent crude futures fell again on concerns China’s demand for oil would be curtailed by their response to rising COVID cases.
Compass Group share buyback underwhelms
Although Compass Group posted strong revenue growth in their most recent period, investors chose to hone in on their lower than expected share buyback plan and sold the shares.
Bitcoin drops to key support
Bitcoin has dropped to key support just above $16,000 as the crypto universe’s struggle with the fallout of FTX persists. Ether was also weaker.