Spreadex Market Update
Though it’s very much a case of investors picking and choosing when they want to listen to bad news on the covid front, the Western markets remained in rebound mode throughout Tuesday. The overall mood was helped by the IMF revising its forecasts for the world economy for 2021; the Washington-based institution is now looking for growth of 5.5% this year, compared to the 5.2% increase forecast in October. The UK was on the outside looking in, however, when it came to revisions. The IMF dealt a blow to the country’s hopes of a swift and robust recovery, violently slashing its 2021 growth estimates from 5.9% to 4.5%. Yet this didn’t end up affecting the FTSE or sterling. The UK clung onto a 0.3% increase in the face of a complete turnaround from the pound, which surged 0.6% against the dollar and 0.4% against the euro. The Eurozone indices were the session’s highlight, despite fears surrounding vaccine supply on the continent. With optimism among German exporters hitting its best level since October, the DAX jumped 1.9%, leaving it a few points shy of 13,900. The CAC, meanwhile, rose 1.4% to 5,540. The Dow Jones was very quiet after the bell, barely moving at all. It might be waiting for Microsoft’s post-close Q2 earnings update, or could be feeling anxious ahead of Wednesday’s first Federal Reserve meeting of both 2021 AND the Biden administration.
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