Spreadex Market Update

FTSE hits 6-month peak as markets celebrate positive week



Though the Dow Jones didn’t explode out of the gate, its gains were enough to keep Europe’s rally going.

Given that the Dow sparked Friday’s gains via its own growth on Thursday night, it can be forgiven for not matching its European peers. Instead it added around 50 points, lifting it to a fresh record of 29350.

What’s the ceiling for the Dow? A lot of its major concerns have been taken off the table in the last week or so – China, Iran, the USMCA deal. Trump’s impeachment hasn’t really bothered the index, and the election is still far enough off to prevent it being a factor for now. The state of earnings season will play a role in how it performs over the next few weeks, especially big hitters like Apple and the trillion-dollar Alphabet. At the moment it really does seem like momentum is on the Dow’s side. And that means 30,000 is looking mighty attractive...

Riding high, the DAX held above 13500 as it climbed 0.7%, while the CAC struck 6100 for the first time since the mid-2007 following a 1% increase. Benefiting miner-pleasing Chinese industrial production figure, the FTSE added 70 points, striking a fresh 6-month high of 7680.

The pound, which against the odds has rebounded this week, lost 0.3% against the dollar after the latest UK retail sales reading came in at -0.8% against the 0.5% forecast.

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