A crypto comeback & Portugal gets a credit rating upgrade

by | Sep 18, 2017

After what many considered to be a hammer-blow against Bitcoin last week, prices are shooting higher again. The Chinese government signalled they would be closing major BTC exchanges, which made investors highly bearish. A rapid sell-off sent the coins value tumbling, but in a rapid reversal of fortune, BTC jumped from $3000 back to over $4000 over the past few days. The move will anger bearish investors who are still shorting the cryptocurrency after it was in free-fall last week. Click the link to see technical analysis for BTC from today. 

Asian stock markets had a strong showing at the close today, while in Europe, equity markets are at 6-week highs. This is mainly thanks to Portugal, which had its credit rating upgraded by ratings agency Standard & Poors. A higher credit rating indicates a healthier economy, so investors have bought into Portuguese securities off the back of the news.  

The price of Brent Crude is looking very strong, sitting comfortably above $55 a barrel. It is nearing highs of $56, not seen since February. These gains are due to optimism about the outlook for global supply and demand, thanks to OPEC sticking to cuts.

Sentiment in the UK will be a little stronger this morning, after influential economics consultancy the Centre for Economics and Business Research said the UK economy will grow 1.6% this year – up from from a previous estimate of 1.3%.

In British markets the top rising stock is BAE Systems, which led the London market higher after Qatar announced they intend to buy 24 Typhoon jets from the defence company. Insurance firm Admiral Group is also rising, after Deutschebank analysts upgraded their rating on the stock from ‘sell’ to ‘hold’, increasing their price target. 

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ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:

Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order. Brokerage services, including fractional trading of US securities, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here. Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.

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