Spreadex Market Update

Dow Jones dives, but avoids gory open promised by futures



Things calmed down somewhat this afternoon, though the Dow Jones is still looking pretty fearful of Trump’s trade intentions now that Gary Cohn is gone.

The Dow Jones dropped around 150 to 200 points after the bell – obviously a bad start, but far better than the 350 point fall promised by the futures earlier in the day. It’ll be interesting to see how the Dow behaves as the session goes on; it has a tendency to save its major movements for the latter stages of the day, with plenty of time for some more Trump tweets to send the skittish index over the edge.

This slightly better than forecast open from the US allowed the European indices to largely erase their losses. The FTSE is now sat flat just above 7150; and while the CAC is still down 0.2%, the DAX has managed to pivot from a half a percent decline to a 0.5% rise.

After some movement around lunchtime the forex markets also saw a shift. Though still down against both the dollar and the euro, the pound’s 0.1% losses are an improvement on where sterling was earlier in the day.

So far the week has been dominated by Trump tariff plans. That may change from tomorrow, however, with Thursday’s ECB meeting and Friday’s US non-farm jobs report likely to turn investors’ minds, in part at least, back to their central bank concerns.

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