Spreadex Market Update
One could argue the FTSE had to work hard not to post any growth this Monday, given that it has so many factors in its favour. Not only was there the easing of macro-political tensions on two fronts – North Korea’s nuclear retreat, and the reduced chances of a US-China trade war – but a soft showing from sterling. The pound, like the euro, dropped half a percent against the dollar as rising US bond yields got rate hike hawks all hot under the collar; that drop left cable below $1.396, a long way from the $1.435-crossing highs hit last Tuesday, and sterling’s worst level in 5 weeks. Yet the FTSE was obstinate in its lack of movement this Monday, instead staying flat at 7360 (admittedly this keeps the UK index in 11 week high territory). At least it avoided the losses of its Eurozone peers, with the DAX and CAC falling 0.3% and 0.1% respectively despite a decent set of flash manufacturing and services PMIs, and the euro’s own decline against the greenback. Looking to the US open and, again, investors are ignoring the positive progress on some of the year’s previously trade-defining political concerns, with the Dow Jones facing a 35 point fall after the bell. That would take the Dow under 24450, meaning the index has shed around 300 points in the last few sessions. It’ll be interesting to see whether the Dow can turn things around, or if last Wednesday’s 24750, one month high marked the top end of the index’s current trading bracket.
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