Spreadex Market Update
Investors really weren’t happy with Donald Trump rattling his trade war sabre on Friday, the global indices all turning red as tariffs on $50 billion of Chinese imports were confirmed. The Dow Jones, already weakened by Wednesday’s Federal Reserve rate hike, tumbled another 175 points after the bell. That drop leaves the Dow back at 25000, a price it hasn’t tested in 9 days, and caps a week that has seen the index shed a decent chunk of the growth managed since the start of the month. The dollar, meanwhile, wasn’t quite as shaken up as its index counterpart; against the pound it rose 0.1%, though it dipped the same amount against the euro, which benefited from a decent Eurozone inflation reading. As for the DAX and CAC, they followed the Dow Jones lower, falling 0.7% and 0.3% respectively. However, this still leaves the brunt of the Thursday’s gains intact, with the German index holding above 13000 and its French peer staying the right side of 5500. Far and away the worst performing major index on Friday was the FTSE. That’s because it wasn’t only dealing with the renewed trade war tensions, but an oil sector fearful of what OPEC will announcement next week. BP and Shell slipped between 2.2% and 2.4% as the day went on, the exact same decline seen by Brent Crude, which fell under $74.50 per barrel. This left the FTSE down 1.3%, forcing the index back under 7700 for the umpteenth time this month.
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