Spreadex Market Update

Dow Jones uninterested in Chinese data, FTSE rises as sterling slips



The Dow Jones couldn’t keep its promise to open at 27400, while the FTSE got a leg-up as sterling took another tumble.

Instead of adding another 80 or so points, the Dow started the week unchanged. The index can be forgiven, however, considering that keeps it at a record high and up nearly 3000 points since the start of June. It appears that the Dow wasn’t too fussed by the day’s Chinese data, which saw a headline-grabbing drop in GDP compensated for by a decent selection of rebounds on the undercard.

The Dow’s soft open meant the Eurozone indices lost a step as Monday progressed. The DAX just about slipped back under 12400 as it saw its 100-point-plus gains trimmed a little, with the CAC unable to cross 5600 with the US index in such a quiet state.

In contrast, the FTSE improved this afternoon, almost tripling its initial growth to climb half a percent. It was no doubt aided by sterling’s slide; cable fell 0.3%, taking it back below $1.235, while against the euro it fell 0.2% to loiter around €1.113. Assumedly the pound was suffering from some Brexit anxiety – after all, it is only around a week or so until Boris Johnson (OK, or Jeremy Hunt) becomes Prime Minister.

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