Spreadex Market Update
On the day of an ECB press conference that could see a soon-to-be-gone Mario Draghi signal an autumnal rate cute, or perhaps a fresh blast of QE, the Eurozone indices broadly pushed higher after the bell. The DAX lifted above 12550 as it added 0.2%, leaving the index at its best price in over 3 weeks. The CAC was even more buoyant, rising 0.6% to tickle 5640, while the FTSE MIB and IBEX were closer to the German end of the spectrum, up around 0.2% apiece. The euro was very quiet. It has struggled against the pound in the last week or so, despite Boris Johnson’s ascension to Prime Minister and a Vote Leave tsunami engulfing the Cabinet, with the single currency at a one month-plus low of £0.8922. Against the dollar the euro is similarly troubled, lurking at levels last seen 2 months ago as investors fret over the consistently dire state of the region’s data, and what that means for an ECB ready to do ‘whatever it takes’ to boost the economy. The FTSE was unchanged at the start of Thursday’s trading, once again starting a session the wrong side of 7550. A further 1% fall from Rio Tinto is helping pin back the UK index; ditto a 2% decline from Diageo, even as the Guinness-owner posted a 10% increase in full year operating profit.
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