Spreadex Market Update

FTSE and Dow Jones see gains start to dissipate, Eurozone and pound hold strong



Though the overall picture remained positive this Friday, the FTSE saw its rebound continued to ebb away as the session went on.

At one point up close to 5%, the UK index’s gains dwindled to just 0.2%. The FTSE was in part dragged down by its banking stocks, with RBS leading the way with an 8% decline. The pound’s persistent rebound also harmed the index; sterling rose 2.3% against the dollar and 1.7% against the euro, lifting away from its recent 1980s-matching lows.

The fact Rishi Sunak’s much-speculated upon stimulus package failed to materialise didn’t do the UK index any favours.

The FTSE wasn’t alone in this comeback. Climbing around 2% after the bell, the Dow Jones saw its growth reduced to 0.4% following the latest intervention from the Fed. The central bank revealed it was expanding support to the municipal bond markets, in order to ease the pressure on local government authorities.

In contrast to their UK and US peers, the Eurozone indices put in a pretty strong showing. For while they did fall from their intraday peaks, the DAX and CAC still rose 4% and 5% respectively.

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