Spreadex Market Update

FTSE sinks back under 7000 as pound rises, Brent Crude drops to $59 per barrel



Despite the Dow Jones’ Larry Kudlow-assisted growth, Europe refused to get involved in Wednesday’s rebound.

The US index jumped 150 points after the bell, climbing back towards 24900 as it continued the gains it (eventually) posted on Tuesday. There appears to have been a slight shift in sentiment regarding the weekend’s G20 get-together since yesterday morning; Trump’s tariff threats had seemed to dispel any hopes of a deal between him and China’s President Xi Jinping, only for Kudlow, the Director of the National Economic Council, to claim that there is a ‘good possibility’ of an agreement being reached in Argentina.

Beyond a brief spurt of energy at the open, the European indices apparently weren’t interested in the trade war developments this Wednesday. The DAX instead dipped 0.1%, with the CAC shedding its initial growth to sit unchanged around 4970. Meanwhile the pound’s hard-to-explain gains, alongside the sight of Brent Crude tumbling back to $59 per barrel, left the FTSE down half a percent and back under 6980.

Sterling managed to rise 0.3% against the dollar and 0.5% against the euro in a move that seems to see investors ignoring the bad atmosphere surrounding Theresa May’s Brexit deal, as it continues to make its journey towards the Parliamentary vote on December 11th. After the close the Bank of England unveils its own Brexit deal assessment, alongside the latest bank stress tests, so that should give the currency plenty to chew over ahead of Thursday’s open.

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