Spreadex Market Update

European losses gather pace ahead of US open



The European indices couldn’t shake that sinking feeling on Friday, falling further into the red as the day went on.

Unable to keep up its early gains, the FTSE slunk back under 7100, the index slipping 0.3%. This as the pound overcame its initial reticence, pushing 0.1% higher against the dollar, and 0.2% against the euro, sending sterling to $1.296 and €1.143 respectively.

The Eurozone indices were no better. The DAX, which jumped off a cliff on Thursday following news that the European Commission predicted Germany would be the continent’s second slowest grower in 2019, fell a further 0.6%, forcing it under 11000 for the first time in 3 weeks. The CAC, meanwhile, slipped 0.4% to remain the wrong side of 5000.

Facing a half a percent decline, the Dow Jones is all set to open Friday’s session at 25050, basically back to where it started the week having hit a fresh 2 month high of 25400 on Wednesday. That potential slide comes after Donald Trump admitted any meeting between him and China’s Xi Jinping won’t happen under the trade war ceasefire ceases in early March, pouring doubt over the hopes of reaching a tariff hike-avoiding deal.

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