Spreadex Market Update

Hodgepodge afternoon as US midterms loom



It was a bit of a hodgepodge afternoon, investors trading in anticipation of what could be a US-dominated few days.

The Dow Jones jumped 130 points as the bell rang on Wall Street, straining to return to 25400 as the index tried to regain the momentum that it lost by the end of Friday. This did little to create any consistency in Europe; the DAX abandoned its early growth, instead slipping back to 11500, while the FTSE managed to rise 0.4% in the face of a strengthening pound.

Speaking of sterling, the currency jumped 0.4% against both the euro and the dollar as the day went on. The former is continuing to struggle with the unresolved budget issues between the EU and Italy; the latter is likely nervy ahead of a set of mid-term elections that could come to dictate the second half of Donald Trump’s White House tenure.

It is going to be interesting to see how the markets behave on Tuesday. There is little to challenge the elections in terms of headlines, but at the same time unlikely to be enough concrete news for investors to react to until Wednesday morning. And then there is the question of what result is the right one for the market. The Democrats taking the House may well reign in some of Trump’s investors-upsetting policies, namely the US-China trade war; then again, it could act as a red rag to a bloated bull.

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