Spreadex Market Update
While the pound didn’t significantly build on Wednesday’s Barnier-boost, the currency was still strong enough to upset the FTSE. With the EU’s chief negotiator stating that the group is prepared to offer Britain a ‘partnership such as there never has been with any other third country’ sterling let out an almighty sigh of relief on Wednesday, that bullish comment coming after weeks of ‘no deal’ Brexit chatter. Thursday saw the currency keep hold of its growth. A 0.1% rise against the dollar caused cable to tickle $1.303 for the first time in 4 weeks, while against the euro the pound sat pretty flat at a one week peak of €1.113. This, alongside the renewed anxiety in the mining sector, meant there was no paracetamol big enough to see off the FTSE’s end of August headache, the index shedding another 0.8% to lurk just above 7500, a level last grazed a fortnight ago. The FTSE wasn’t alone in its sour mood, with the Eurozone indices not too chipper either. While the CAC managed to cap its losses at 0.2%, drifting from 5500, the DAX was down 90 odd points, dragging back under the 12500 mark it had held above in the last couple of sessions. As has been the case for most of the week, there is little to distract the markets from their macro-concerns, at least until this afternoon, which brings a few pieces of US data that might be of interest as we head into September and another potential Fed rate hike.
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