Spreadex Market Update
The Dow Jones was unable to carry its dovish rally into Thursday, the index instead pulling back by 100 points as investors warily turned their attentions to the impending G20 meeting. In the context of the last couple of days the Dow’s drop is pretty minor; it is still loitering around 25300, a near 1000 point improvement on where it began the week. Yet the index faces a significant test in preserving those gains on Friday, as the world’s leaders, and crucially Donald Trump and Xi Jinping, meet in Argentina. Earlier in the week the US president appeared to strike down hopes of a trade deal between the two superpowers, boasting about the tariffs he would impose in the New Year. His National Economic Council Director Larry Kudlow then did some fire-fighting on Wednesday, saying that there was a ‘good possibility’ of an agreement being reached. Well, Trump added to the confusion on Thursday, saying there is a ‘long way to go’ on tariffs with China. Though all this pushed the Dow into the red after the bell, the European indices were still feeling the effects of yesterday’s US rally. The FTSE saw its gains expand to 1% as the day went on, a recovery from Brent Crude joining the pound’s half a percent decline against both the dollar and the euro in lifting the UK index back above 7070. The CAC, meanwhile, climbed 0.8%, with the FTSE MIB rising 0.4%; the DAX was something of a laggard, however, only managing to add 0.2%.
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