Spreadex Market Update

Sluggish start from FTSE, cable lifts towards $1.358



It’s looking like one of those meaningless Mondays – well, in Europe at least – with an empty economic calendar and the barest pretence of movement from the markets.

Granted, holding at a near 16 week, 7720-crossing peak, the FTSE can feel pretty pleased with itself, despite not actually budging after the bell. If its recovery keeps going – something that might be dependent on how sterling reacts to Tuesday’s UK jobs report – then a new all-time high might be on the cards, with the index one final sprint away from the 7800-teasing record set back in the middle of January.

Of course, the FTSE’s rapid spring rise has coincided with sterling’s recent collapse against the dollar. Though up 0.3% this Monday – this, alongside a half a percent dip from Brent Crude, is likely preventing the FTSE from gathering any steam – cable is still floating between $1.35 and $1.36, as it has done since the start of the month. Admittedly that’s an improvement on the fresh 4 month lows struck in the aftermath of the Bank of England’s latest meeting last Thursday, a day that saw investors display how increasingly sick and tired they are of Mark Carney’s empty rate hike promises.

While the UK markets can be forgiven for the slow start given that there’s not much on offer, the Eurozone’s sluggishness is more of a surprise. That’s because Italy is on the brink of a populist, Eurosceptic government, with the Five Star Movement and League parties reaching an agreement together. Yet investors have greeted this development with a shrug, with the region’s indices are most drifting 0.2% lower.

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