Your browser is out of date

This website has been built for modern browsers, yours is many years out of date and as a result, your experience of this website will be poor.

Please upgrade your browser and pop back.

Thanks.

Market Reports

9:00am, January 4th 2019

Markets gyrate as US economic data disappoints…

Yesterday saw a gauge of US manufacturing plunge by the most since the 2008 recession. This arrives just a day after Apple Inc cut its revenue targets citing a demand slowdown in China. The US manufacturing PMI fell to a 2 year low driven by a slump in new orders (weakest in 5 years) and a steep slide in production (worst since 2012). The combination of these two developments has fuelled speculation that Trump’s trade war with China may well be taking a bigger toll than first anticipated.

The market reaction has seen a weaker US dollar, significant drop in global stocks and a big demand for safe haven assets such as the Japanese yen and US government bonds. Putting things in perspective, the 10 year US government bond, which indicates the markets judgment of where rates are heading on a 10y horizon, has fallen from 3.25% in Q3 2018 to just above 2.5% as of yesterday’s close. This massive reduction is a huge signal that financial markets are worried about what lies ahead.

Today’s economic calendar is an interesting one. Focus will remain with the USA as non-farm payrolls crosses the wires at lunchtime. This report reflects December employment and may well be materially affected by the government shutdown which occurred just before Christmas and still sadly continues. Domestically, UK services PMI is released at 0930. This may have the status to move sterling but, with Brexit the key driver at present, it may have minimal impact. Have a great weekend.

Written by Viv Savani. 9:00am, January 4th 2019

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:19am, August 13th 2019

All eyes on UK data as financial markets continue on volatile path…

View Report
8:43am, August 27th 2019

Markets back in full-swing as UK return from bank holiday…

View Report
8:28am, September 12th 2019

All eyes on the European Central Bank…

View Report

Testimonials

Our Clients Say

"I have had an association with Cornhill for over a decade and have had the pleasure of working with the same broker for the entire period of time, which is currently just over 15 years. This shows not only my dedication and customer loyalty to the company, but also their commitment and successful staff retention. The level of service I have received has never waned or altered and has been consistent over the term. Keep up the good work Cornhill. Dominic you are a legend."

Helen - FD, Essex Boatyard

"When deciding to buy a property in France, my husband and I failed to consider the implications of the currency exchange and to be honest, it was extremely daunting to know that the cost of the property could have increased significantly potentially wiping out any renovations we had planned had we sat on our hands and left it to chance. Thankfully, Dominic (our account manager) and the rest of the Cornhill team couldn’t have been more helpful, and as such helped us to understand our options and secure a price that puts our bank to shame. Always courteous and friendly, we don’t know what we would have done without them now!"

Samantha Johnson - Private Client

"I work to very tight margins in my business and as such currency volatility has a major impact on how well my business performs. After dealing with my bank for many years, I took the step of opening an account with Cornhill after meeting one of their team at an industry event. James took the time to explain the services and quickly highlighted what I was missing from my bank – proactivity and competitive pricing. It’s almost impossible to get through to someone at my bank without jumping through many hoops. Cornhill are always in touch at the right time, which helps me to time my currency purchases and make the most of moves in my favour. I now rest easy knowing I have a team of people working FOR my business and adding true value to it both in pricing terms and proactivity terms. My profits have increased and I know I am in good hands!"

Martin Fisher – FD of a Packaging Business

"My products are made abroad by trusted suppliers who I have worked with for many years. After a number of issues with my previous currency provider (payments being delayed), I decided to look at who else could help with my payments. Fortunately, I was introduced to Cornhill by a former colleague who uses their services. Since then, I haven’t looked back. Customer service is often overlooked in this ever-increasing digital age, but to know I have someone to call at the end of the phone who will listen to my query and take ownership of it for me is a breath of fresh air. Vivek and Greg have been reassuring and whenever I have a question for them, they are quick to respond and resolve."

Alexandra Houghton – Founder of a clothing business