Spreadex Market Update
European stocks trade off intraday highs
European stocks trade off intraday highs following a confusing message that Russia and Ukraine agreed on a ceasefire. An announcement at the beginning of the trading session stated Ukraine President Petro Poroshenko had agreed with Russia’s Vladimir Putin on steps towards a “ceasefire regime”. Markets initially spiked on the news but soon came off intraday highs as Russia denied any actual truce deal. As more information came to light, although a ceasefire hasn’t been achieved, the two sides have reached a “mutual understanding” on steps that could facilitate peace.
The confusion this morning caused Gold to drop to a 3 month low, falling to $1261 an ounce. After the clarification that Ukraine and Russia haven’t achieved a ceasefire, the precious metal shot back up to pre-open levels. Gold now trades up 2 dollars to 1267.
Stirling recovered from early lows against dollar after UK data showed the Service sector expanded at a faster pace than analysts’ expectations. Sector activity grew at the strongest pace in ten months during August helped by favourable markets conditions.
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