Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Markets On Hold

Published 24/03/2017, 12:51 pm
Updated 04/08/2021, 01:15 am

Originally published by CMC Markets

Markets are likely to remain on hold today as traders wait on the US Congress to resolve its impasse on revision of the Obamacare legislation.

The fact that the S&P 500 index was up 0.4% at one stage last night provides some insight into likelihood that markets will, at least initially, react positively if Congress is able to reach an early compromise and pass new health care legislation. While this may keep alive expectations that the Trump Administration will be effective in getting its economic program passed into law, optimism may be tempered by the fact that the Senate remains a significant obstacle to Trump’s healthcare legislation even it is passed by Congress.

There were signs of bargain hunting in the major mining stocks yesterday with share prices holding the line after several days of selling. Yesterday’s rally in the spot iron ore price should help mining stocks open on a firm note this morning.

Relief from news that striking workers at BHP Billiton Ltd's (AX:BHP) Escondida mine in Chile are likely to return to work will be tempered by the fact that a resolution to this dispute hasn’t been achieved. Workers have elected to return to work under their existing contract meaning pay conditions under a new contract still need to be negotiated within 18 months.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.