Spreadex Market Update

China slaps sanctions on Cruz and Rubio, but Dow Jones hits levels last seen in February



Though Europe dialled back the more robust performance seen on Monday morning, the US markets were plenty happy after the bell, despite no signs of the US and China toning down their current tensions.

In retaliation for Washington slapping sanctions on 11 officials from Hong Kong and China – not to mention the whole TikTok/WeChat brouhaha – Beijing has returned the favour, targeting 11 Americans including Ted Cruz and Marco Rubio.

With trade talks – via videoconference – scheduled for Saturday, you’d think investors would be in a state of distress over the tinderbox situation between the two superpowers.

Instead the markets were fairly blasé about a topic that has caused triple-digit losses in the past. The Dow Jones was so comfortable, in fact, that it rose 200 points, crossing 27630 for the first time since the end of February.

A better than forecast JOLTS job openings number perhaps helped the Dow along, coming in at 5.89 million against the 5.37 million seen last month, and the 5.3 million expected by analysts.

Elsewhere the FTSE climbed half a percent to 6050, less than half the growth seen at the start of the day. This as the pound made headway against the dollar and euro, rising 0.3% and 0.4% respectively.

The DAX, meanwhile, was more shaken by the US-China situation, its gains reduced to just 0.1%, with the CAC barely above 4900 following a 0.4% increase.

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