Spreadex Market Update

Markets struggle to rebound, sterling awaits Supreme Court decision



After the Eurozone-inspired gloom of Monday, the markets tried to gather themselves at the start of Tuesday, nudging higher in the process.

The FTSE, which was kept from the worst of yesterday’s losses by the Thomas Cook-related performance from TUI, added just shy of 20 points. It couldn’t do any better because of the likes of Rio Tinto, BHP Group and Anglo American, all of which were down 0.5% to 1%.

With Germany teetering on the edge of a potential recession – Monday’s flash manufacturing PMI was disastrous – the DAX barely scraped together a 0.1% increase, one that barely kept it above 12350 while leaving it near a 2-week low. The CAC was a bit livelier, even though that only translated to a 0.2% rise.

It could be a very interesting day for sterling. Currently the currency is keeping its cards close to its chest, down 0.1% against the dollar and flat against the euro. The reason for its reticence is related to the impending Supreme Court decision regarding the prorogation of Parliament, set to arrive at 10.30am. If judges announce that the decision was illegal, potentially leading to the immediate reconvening of Parliament, the pound could pop, as it would give MPs more time to try and a avert a no-deal Brexit. If the courts stand by Johnson’s controversial suspension, sterling’s path is perhaps less clear.

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