Spreadex Market Update

Dow Jones rises 200 points, faces after-hours test from Alphabet and Amazon



A strong US open – we’ll see of that lasts – helped the European indices build on their midday gains, with the FTSE continuing to lag behind its peers.

The Dow Jones jumped around 200 points after the bell, the 8% and 15% surges from non-Dow members Tesla and Twitter providing a more general lift to sentiment in the US. That rebound put the index back around 24750, off of Wednesday’s sub-24550 lows but nearly 2000 points adrift of where it began October. The Dow is going to get another big test after-hours, both directly, in the form of Alphabet’s third quarter results, and indirectly, through Amazon’s own Q3 update.

With some positive, banking-related chatter from Italy, and a fairly uneventful ECB meeting, the Eurozone indices leapt higher as the day went on. The FTSE MIB maintained a 1.5% rise, with the CAC expanding its gains to a 5000-crossing 1.4%. The DAX, meanwhile, was a bit less enthusiastic, in part thanks to a drop in Germany’s Ifo business climate reading, but still climbed 75 points to hit 11250.

As for the FTSE, it could only eke out a 0.2% increase this Thursday, prevented from doing any better by a near 16% decline from WPP, and notable declines from the likes of BT Group, ITV, AstraZeneza and GlaxoSmithKline. Nevertheless, that is a substantial turnaround from the 7 month low-hitting 1% plunge suffered during early trading.

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