Spreadex Market Update
The markets held on to Tuesday’s rebound, the lack of trade war-stirring allowing for a green, if fairly dull, session. The Dow Jones jumped 80 points after the bell – short of the 24400-crossing gains promised by the futures, but enough to put a bit of ground between the index and its recent 2 month lows. The Dow hasn’t had too much to deal with this Tuesday, and has tomorrow off for the 4th July celebrations, so it’ll be hoping it can get to the end of the US session unscathed. In the Eurozone the general market-wide rebound mingled with relief that Angela Merkel appears to have struck a deal over immigration to avoid the collapse of her CDU-CSU coalition. However, scrutiny of that agreement has taken the DAX off its lunchtime highs, the German index climbing 0.9% against the 1.2% growth posted during the earlier parts of the day. The FTSE, meanwhile, managed to catch up with its peers as the afternoon progressed, rising above 7600 following a 50 point increase. The index was able to double its gains in large part thanks to the fact Glencore, which was at one point down 10% after news broke it was under investigation by the US Department of Justice for money-laundering, halved its own losses as the day went on. As for the pound, it slipped from its $1.32-teasing peak against the dollar, but still rose 0.4% thanks to a 7 month high UK construction PMI.
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