Spreadex Market Update
The Dow’s wishy-washy optimism didn’t long, its gains dissipating as the sound of the opening bell faded. Hopes that the latest round of US-China trade talks will yield substantial progress didn’t have much staying power, especially in the face of America’s worse than forecast final Q4 GDP number. At 2.2% the annualised figure was way short of the 2.6% previous reading and lower than the 2.4% expected by analysts, further contributing to the sense of unease surrounding the global economy. This left the Dow Jones effectively unchanged around 26600, the index quickly relinquishing the 150 point increase seen in the early moments of the session. Without that US springboard the Eurozone gains found themselves drifting on Thursday. The DAX was flat a smidge above 11400, while the CAC slipped a bit further from 5300 as it fell 0.2%. The FTSE remained out in front on Thursday, for one very good reason. The index’s 50 point, 7240-teasing climb came as sterling slumped 0.8% against the dollar and 0.7% against the euro, the pound’s losses steadily worsening as the session went on. News of a fresh Brexit vote on Friday – likely not MV3 but potentially a ballot on Theresa May’s withdrawal agreement separated from its political declaration sibling – only seemed to exhaust sterling, the lack of adults in the room leaving it below $1.3085 and €1.165.
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