Spreadex Market Update
At the start of potentially the biggest week for Brexit since the 2016 referendum – one that sees the various Tory factions sharpening their knives and weighing up their leadership chances – the FTSE nevertheless managed to rebound on Monday. Adding 50 points, the UK index returned to 7160 having dipped under 7100 at points last Friday. That puts the FTSE back at the level that’s become its settling point for most of March, despite the swings either side of that price. The bright start from its commodity stocks, which had ended last week on a troubled note, provided the thrust of the index’s gains. While not quite as ebullient as its UK peer, the DAX will not doubt take its 0.3% increase, one that puts the index back above 11500. This despite the latest warning signs coming out of the German economy, with the country’s industrial production falling 0.8% in January, compared to the 0.5% month-on-month increase that had been forecast by analysts. And what about the pound? Sat on the precipice of a monumental week for Brexit – or another damp squib, if Theresa May loses her nerve and pulls the vote due to a lack of progress in talks with the EU – sterling slipped 0.1% against both the dollar and the euro. That just about pushes cable under $1.30, and keeps it at its worst price for nearly 3 weeks, while sees the pound floating around €1.156 against the single currency, itself a 2 week low.
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