Spreadex Market Update
With the Dow Jones pulling back from the brink, and the Asian markets just about rebounding, Europe managed to stall, if not recover, their recent losses as Wednesday got underway. The FTSE, which found itself at 7 month lows during Tuesday, pushed 20 points higher after the bell, a meagre rise that left the index short of 7000. The various macro-problems affecting the banking, mining and oil sectors are going to make it difficult for the FTSE to do any better, unless there is a stronger shift in sentiment across the board. As for the pound, despite Donald Trump attacking the Federal Reserve – complaining that ‘every time we do something great’ Jerome Powell raises rates in a clear attempt to push the central bank away from a December hike – the pound found itself on the back foot against the dollar. Cable slipped another 0.2%, a dip that leaves it just above $1.295 and near a 3 week low (fall a bit further and it’s at levels not seen since mid-September). That may be due to reports of an ‘impassioned’ Tory cabinet meeting, as MPs insisted Theresa May negotiate a time limit for any Irish border Brexit backstop. Over in the Eurozone the situation was much the same. While the CAC managed to clamber back above 5000 as it jumped 0.6%, the DAX could only add 0.3%, one that left it languishing at yesterday’s 22 month lows.
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