Spreadex Market Update
Though they couldn’t erase their initial losses, the markets did manage to calm down a bit after things got started in America. The Dow Jones dropped 80 points when trading began, reacting to the same dire data out of China as its European peers. However, the index is still holding above 26000; it may have been a week where the Dow’s June momentum petered out, but is has had success in clinging onto that key level. With the Dow Jones avoiding anything nasty, the FTSE managed to cut its lunchtime losses to a third of what they were, allowing the index to stick its nose back across 7350. The DAX remained the worst performing major indices as it fell 0.6%, but even that was an improvement on where it was at midday; the CAC, meanwhile, shed 0.3%. Fading in the face of a rebounding dollar – let’s see how long the greenback’s gains last next week, when attention turns to Fed rate cut speculation – sterling ended the week in a familiar slump. Cable plunged 0.6%, sinking to a fresh 5-month nadir of $1.2605. Against the euro the pound’s losses were more measured, though even then a 0.2% decline left it the wrong side of €1.1225.
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