Bit by Bitcoin, currency edges towards $10k

Monday, 27 November: Chinese growth fears led the FTSE lower, as the week began without much change from the weekend. With a lack of competition for any real optimism, Chinese fears affected the majority of major European indices and hit commodities too. Of course the FTSE, given its index weighting to miners, faltered at the opening bell.

These fairly quiet Monday mornings are a stark contrast to earlier in the year when Trump or Kim would decide to really get things going in the weekend tabloids, but we’re not complaining. The slow start was possibly due to everyone seeking some Cyber Monday deals… which let’s be honest might as well not exist in the UK but in the US it is still kind of a big deal.

Of course mining stocks fell today, financials also struggled. IAG, the parent owner of British Airways saw shares climb after they managed to buy many slots at Gatwick Airport that were vacant since Monarch collapsed, easyjet shares also rose c.2% possibly on similar reasons with more forgone routes from Monarch being sold / likely to be snapped up soon.

At the close the FTSE ended 0.35% lower, US shares are trying their best to not follow the majority of global indices’ bleak start to the week.

Bitcoin, everyone’s favourite investment topic at the moment continued to fuel its own legend as it approached $10,000 today. The move was probably fuelled by the weekend’s pub conversations, and the ensuing jealousy towards your mate who definitely isn’t as smart as you but now thinks he’s a young Buffet destined for glory because of his savvy investment in virtual currency. Do you fully understand it yet? No… But now your mate isn’t the only one making money from it so who cares?

 

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