Spreadex Market Update
June’s manufacturing PMIs did little to change things on Monday, investors focused firmly on fretting over the weekend’s latest round of trade warmongering. Though there was the slightest easing of losses as lunchtime approached, the European indices still look ropey as hell. The FTSE shed 100 points as the day went on, the index broadly unmoved by a slightly better than expected manufacturing PMI of 54.4. The pound was similarly uninterested in that reading, dropping 0.2% against the dollar to sit the wrong side of $1.316, while remaining unchanged against the euro just above €1.13. Over in the Eurozone, the DAX managed to clear a decent chunk of its initial decline, though is nevertheless down around 0.9% and is trying to keep its head above 12200. The CAC wasn’t as lucky, with the index unable to erase any of its 1.5% drop following a worse than forecast French manufacturing PMI. Turning to this afternoon and the Dow Jones is facing a 180 point plunge when the bell rings on Wall Street. That would force the Dow under 24100 once again, keeping the index at the 2-ish month lows its being lurking around for the past week or so. Much like in Europe, it is hard to see the day’s manufacturing PMIs – the final Markit reading is set to be confirmed at 54.6, the ISM figure to fall from 58.7 to 58.2 – making much of a difference to concerned investors.
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