Spreadex Market Update

European markets rise as fumes of Thursday’s rebound linger



Still trading on the fumes of yesterday’s positivity, the European markets pushed slightly higher after the bell.

Clawing its way back to 7200, the FTSE was up 0.2-0.3%, sitting at levels that vary between a one week peak and a fortnight high. Still, unless it manages an unprecedented rally this Friday, August has been an incredibly costly month, given that it closed out July with a foray past 7700.

That kind of performance is echoed elsewhere. The DAX climbed half a percent to flirt with 11900, a price it hasn’t seen since the start of August; this time last month it was trading above 12450. The CAC was less eager, though a 0.2% increase kept it the right side of 5460.

Looking ahead – which is maybe a tad premature; the gap between morning and afternoon sessions has often been massive this month – and the Dow Jones is also set to post some milquetoast growth. A 60 point increase would put the index back above 24600; like the DAX, its best price since near the start of August, but 800 points off of where it was at the end of July.

Though it has tried to put on a brave face, sterling remains subdued at best. Cable is now lurking at a one-week low of $1.2185, while against the euro it is at €1.104, the currency failing to put much stock in Boris Johnson stating that he wants to ‘step up the tempo’ of Britain’s Brexit talks with Brussels. More of a mover will likely be the emergence of a cohesive plan to legally prevent a no-deal exit from occurring.

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