Markets are totally flat after Article 50 day

LONDON — The UK and European stock markets are totally flat the day after Prime Minister Theresa May triggered Article 50 of the Lisbon Treaty and formally began the process to take Britain out of the EU.

 “After all the fuss about the UK triggering Article 50 yesterday, and opposition to PM May’s attempt to link a trade deal with security, focus has reverted to central bank policy outlook,” Michael van Dulken, head of research at Accendo Markets, said in an email. 

“This after media reports the ECB is concerned about misinterpretation of its last message (not hawkish it says), and how it is now reluctant to change its message end-April for fear of adding fuel to the fires of misunderstanding. Note also some optimism about the US administration trying another go at the Healthcare bill next week,” he said.

Here’s the FTSE chart for Thursday’s open:

And here’s the pound against the euro:

 

Crude oil rose almost 0.5% in early trading on Thursday after reports US production is lower than expected.

“US Government EIA Inventory data showed a lower than expected build, while accompanying metrics (Distillates, Gasoline) showed a larger than expected drawdown,” van Dulken said.

“Global benchmark Brent Crude is now approaching resistance at $US52.70 as the rally from last Monday’s lows continues, while the US benchmark looks to regain a $US50 per barrel handle for the first time since 16 March.”id.

And here’s the chart:

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