Spreadex Market Update
Investors weren’t willing to commit to much on Thursday, with a whole host of macro issues producing some pretty tentative trading. Tensions surrounding the US-China trade talks – talks undermined by a new set of US tariffs coming into effect, and the subsequent tit-for-tat response from Beijing – alongside the ongoing legal problems surrounding former members of the Trump team, Wednesday night’s Fed meeting minutes AND the prospective ECB meeting accounts from last month all contributed to the slow start. The fact the FTSE avoided a sharp drop after the bell is something of a surprise given the woeful state of the commodity sector this Thursday. With copper melting in the face of the trade war drama, dropping 1.7% to a near one week low, the UK mining stocks had another tough day on their hands, with the major players like Rio Tinto and BHP Billiton down more than 1%. Yet the FTSE managed to open relatively flat at 7575, in part thanks to a dip from cable. Despite Trump’s complaints, last night’s Fed meeting minutes point to a central bank preparing for another hike, news that sent the dollar 0.3% higher against both the pound and the euro. And while that doesn’t completely erase the losses incurred by the greenback in the second half of August, it’s a move in the right direction.
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