Spreadex Market Update

FTSE struggles to resume record-breaking rise



Despite Brent Crude creeping back towards $80 per barrel the FTSE just couldn’t find the juice to hit a fresh high.

The UK index continued to lurk just under 7780, unmoved by either oil creeping back to Thursday’s levels, or cable ducking below $1.35. It doesn’t help that most of its key sectors are doused in red, with the banking and commodity stocks specifically looking fairly glum. Adding to the FTSE’s inability to pick up the pace was AstraZeneca’s 2.6%, the pharma-firm falling as its first quarter earnings halved year-on-year due to the impact of generic competition for one of its key drugs.

The Eurozone indices, which had dipped after the bell, became a bit greener as the day went on. The DAX climbed back above 13100 to linger in 15 week high territory, while the CAC jumped 0.3% to hold onto its 5600-plus, 10 year peak.

Turning to the US open, and the Dow Jones is set to rise 80 points when the bell rings on Wall Street, investors seemingly set to ignore the trade war-worrying comments from Trump on Thursday. That increase would push the Dow back towards 24800, further reclaiming the sharp losses it suffered in the first half of the week.

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