Spreadex Market Update
The lack of weekend follow-up to last Friday’s opening trade war scuffle between the US and China drove the markets higher on Monday, with investors choosing to ignore the UK’s latest bout of political chaos. The FTSE was one of the better performing indices, the index climbing 50 points to shuffle closer to 7650. That’s something of a surprise, given that a) Theresa May is facing yet another challenge to her leadership following David Davis’ resignation, and b) the pound has gotten off to a not horrendous start to the week. On the one hand it is odd the pound is in a decent mood, given that the ‘soft’ Brexit plan agreed at Chequers is arguably in doubt following Davis’ disappearing act. Yet his resignation does potentially make it easier to implement said ‘soft’ Brexit, dependent on how the next couple of hours and days pan out for PM May. It was this thinking that perhaps helped sterling climb 0.2% against both the dollar, leaving cable a smidge below $1.33, and the euro, pushing the currency above €1.131. There’s not much else for investors to grapple with this Monday, so the markets will be extra-sensitive to any more shifts in the UK political landscape. The broadly positive start to trading was present in the Eurozone as well. The DAX was up 0.4%, re-crossing 12500 to sit at a 2 week peak, while the CAC jumped 0.8%, climbing past 5400 in the process.
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