Spreadex Market Update
FTSE and pound continue to rebound as Associated British Foods and Thomas Cook post hefty gains
The FTSE sustained its gains this morning, rising nearly 1.5% to creep above 6550; yet the index wasn’t alone, the pound taking back 0.6% off the dollar and 0.7% off the euro. There were a few bits of good news helping to buoy the FTSE. The manufacturing and industrial production figures came in better than expected, both at -0.5% against the -1.2% and -1.0% forecast respectively. Then there was the 9% surge from Associated British Foods, which stated that despite the looming uncertainties of a post-Brexit market it intends to continue the European and American expansion of Primark. That rise saw the company join Thomas Cook and Taylor Wimpey as one of the morning’s market leaders, with similarly important gains in the banking sector.
The Eurozone indices just about matched the FTSE this Thursday, the DAX and CAC jumping 1.1% and 1.5% respectively. Still to come is last month’s ECB meeting minutes which, like yesterday’s Fed release, should give investors an insight into the mind-set of Draghi and co. pre-Brexit.
While the European markets forge ahead with their rebound the Dow Jones looks far meeker, the futures pointing to a flat open this afternoon. That could still change, however, with the ADP non-farm employment change figure (expected at 158k against last month’s 173k) set to arrive before the bell rings on Wall Street.
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