Spreadex Market Update

Dow Jones dips on trade disappoint, US matches UK’s retail crisis



A mild decline from the Dow Jones came as the European indices erased the brunt of their Thursday losses.

The Dow slipped 60 points after the bell, keeping it above 23800 but off of Wednesday’s 24000-teasing 3 week highs. The index is dealing with the same trade talk disappointments as its European counterparts were this morning. While it appears the US and China are on better terms than they were at the most dire points in 2018, little in the way of actual trade war-ending progress has been revealed in the aftermath of the face-off in Beijing.

Echoing the headlines that have dominated the session’s trading in the UK, the US had its own retail crisis on Thursday. Macy’s shed 19% as it cut its 2018 earnings outlook following a miserly Christmas, while Kohl’s lost 8.4% as like-for-likes rose just 1.2% over the holiday season against 2017’s 7% increase. There were similar post-Xmas slides for Target, JC Penny and Abercrombie & Fitch.

Over in Europe the CAC remained one of the few troubled indices, the French bourse slipping 0.6%. The DAX, in contrast, snuck back to 10900 as it trimmed its losses to just 0.1%, while the FTSE actually rose 0.1%, a significant reversal from the 0.8% decline seen at the day’s open.

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