Spreadex Market Update

Dow Jones drifts further from record highs as trade deal doubts persist



Unable to shake their doubts over the US-China trade situation the markets lingered in the red on Thursday, though some performed worse than others.

Avoiding the kind of losses initially seen by Europe, but nevertheless in the red, the Dow Jones continued to drift away from its recent records highs. Its latest 90 point fall took it the wrong side of 27750, roughly a one week low.

Things do not seem to be going well between the US and China, so much so that the ‘phase one’ trade deal may be pushed to 2020, if it materialises at all. What has helped prevent a full-blown market freak out is the peppering of optimism-chasing soundbites, mainly from China, including positive chatter from both Vice Premier Liu He and commerce ministry spokesman Gao Feng.

With the Dow relatively measured after the bell, the Eurozone indices were able to trim their own losses. The DAX and CAC both cut their opening declines in half, spending the afternoon down around 0.4-0.5%. In contrast the FTSE was stuck with a 0.8% drop, leaving it just above a one-month low of 7200.

As for sterling, at one point on Thursday it had popped higher, rising 0.3% against the dollar and 0.2% against the euro. A few hours later, however, and it was flat, retreating from the limelight as the election rumbles on.

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