New UK Elections on June 8
American Express (AXP) Plummets
EU Indices Trade Lower
Market Recap – This week in a nutshell:
On Monday London and New York Stock Exchange remained closed for Easter while investors were looking closely at a decisive election in Turkey. On Tuesday Turkish President Recep Tayyip Erdogan and the country’s prime minister declared victory in a referendum designed to hand Erdogan sweeping powers. On Wednesday, Prime Minister Theresa May called for an early general election ahead of Brexit negotiations, shooting the pound to more than six months highs!*
Thu 20/4: 3 Things you need to know about Today’s Markets…
1. UK Election 2017: MPs Approve Theresa May’s Snap Poll on June 8
The British Parliament approved May’s plan for a snap election on June 8 in a Commons vote on Wednesday afternoon, according to The Independent. The new UK elections are now a reality after the Commons backed the poll by 522 votes to 13, formally firing the starting pistol on the election campaign! May’s snap elections have sent the pound rallying to new highs. The GBP was last seen trading 0.5 percent higher against the dollar at 1.2832 USD as of 7:08 GMT while investing.com suggests that the uptrend will continue strong for the day.
2. American Express (AXP) Beats Beats EPS estimates
American Express Company (AXP) posted market-beating first quarter earnings results, although its loan loss provisions jumped significantly, according to Stock News. The credit card issuer reported Q1 earnings of $1.34 per share, which was $0.07 better than estimates. Revenues fell 2.5% from last year however, which was enough to send AXP plummeting to close 0.3 percent lower at $77.55. The downtrend is expected to continue throughout the day according to investing.com.
3. EU Markets Plunge
Major European Indices started the day lower on Thursday morning as investors continued to weigh current political uncertainties, according to CNBC. Geopolitical tensions between the U.S. and North Korea escalated after Secretary of State Rex Tillerson stated that the U.S. was looking at new ways to pressure the rogue state. In Europe, opinion polls show that the race to elect the next French president is too close to call.
Source: Alpha Markets
