Spreadex Market Update

Dow Jones shuffles to fresh high on dreary Monday afternoon



Boy oh boy has today been dull. Pendragon plunge aside there hasn’t been much going on, with all the week’s juicy stuff arriving Wednesday onwards.

The Dow Jones nudged to a fresh all-time high this Monday despite a meagre 0.1% rise – not so much propelled to a record peak by Donald Trump’s tax plans, then, but rather gently shuffled along. The Dow has hit these highs with such regularity over the last month or so that they no longer really register, especially since much of it has been done – like today – through a routine daily grind rather than fireworks.

Elsewhere the pound overcame its lunchtime, CBI-inspired wobble to climb 0.1% against the dollar and 0.3% against the euro. This took the edge off the FTSE’s gains, leaving the index with a barely noticeable 8 point increase.

The Eurozone, meanwhile, remained split between those indices enjoying the euro’s Catalan jitters (i.e. the DAX and CAC, which rose 0.2% and 0.5% respectively), and those equally worried about the situation in Spain (the IBEX, duh, which fell 0.4%). The region also saw a very mild, almost imperceptible, improvement in its consumer confidence, which climbed from -1.2 in September to -1.0 in October.

Tomorrow will hopefully be more interesting than today’s dreary performance, with a slew of Eurozone flash manufacturing and services PMIs in the morning and their US counterparts in the afternoon. However, the real good stuff starts on Wednesday with the UK Q3 GDP reading, followed by the ECB meeting on Thursday and the US third quarter growth data on Friday.

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