Spreadex Market Update
The markets’ optimistic take on the situation between the US and China led to a super-charged Friday afternoon, ignoring elements of one WSJ report while gorging themselves silly on a follow-up from Bloomberg. Though, it has to be stressed, the news has been disputed, investors were keen to ring the claim that Treasury Secretary Steve Mnuchin wants to ease tariffs on China for every drop of positivity they could. Luckily, Bloomberg produced another booster-shot after the US open, stating that Beijing has ‘offered to make up the trade imbalance’ with the US by upping its intake of American goods. On the back of this the Dow Jones added another 150 points, climbing past 24500 for the first time in over a month. Europe, playing catch-up from Thursday night’s US gains, was even giddier; the DAX rose 250 points, while the FTSE found itself eyeing 7000 as it climbed 1.9%. There is going to be hell to pay if Vice Premier Liu He’s visit to Washington at the end of the month now doesn’t yield some kind of trade war resolution... With the dollar gaining back a bit of swagger, cable tumbled from Thursday’s 2 month highs, the pound slumping 0.7% to slip back under $1.29. Sterling didn’t fare well against the euro, either, dropping half a percent as it took in a 19-month low UK retail sales reading, while fretting over the prospect of Theresa May’s Brexit Plan B on Monday.
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