Spreadex Market Update

Markets rebound following Wednesday’s initial Iran missile attack losses



What could have been an absolute nightmare session was actually fairly boring, investors reacting with relatively sanguine attitude.

Initially the markets had opened notably – if not drastically – in the red, tumbling after Iran launched a missile attack on two US bases in Iraq overnight. However, the lack of immediate bombast from Donald Trump, alongside the claim from Iranian foreign minister Javad Zarif that the country does ‘not seek escalation or war’, appeared to reassure investors, allowing a bit of green to sneak into the session.

This meant the Dow Jones, which was all set to open down around 100 points, instead added 0.2% after the bell, pushing back above 28600. The DAX saw an even more significant swing, from a 0.7% decline to a 0.6% increase.

The FTSE was unable to join in with this rebound, in part because of the retreat by oil. At one point this Wednesday Brent Crude had jumped as much as 4%; now it is down 1.1%, dragging with it BP and Shell, which fell 0.9% and 0.8% respectively. This left the UK index itself in the red by around 0.1%, keeping it the wrong side of 7600.

With Trump scheduled to deliver a statement about the missile attack at 4pm, however, the session could be in for an abrupt shift.

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