Spreadex Market Update
Pound recovers from Monday pummelling while FTSE crosses 6300
While not quite as explosive as it was on Monday the FTSE’s half a percent rise nevertheless puts the index above 6300 for the first time in nearly 6 weeks. The thrust of its growth, as it was on Monday, was the commodity sector; with Brent Crude once again approaching $51 per barrel the oil and mining stocks continued the gains they began yesterday, if at an admittedly slower pace.
In a stark contrast to yesterday’s pummelling the pound took back nearly 1% against both the dollar and the euro. It appears this rebound is due to a mixture of Yellen’s dovish comments last night, and a new poll from The Telegraph and ORB showing that, while Vote Leave are gaining ground, the Remainers still just about have the lead, at 48% against 47% among those guaranteed to vote.
With the euro losing yesterday’s lustre, and the region’s first quarter GDP revised up to 0.6%, the Eurozone led the market in style this Tuesday. The DAX surged by 1.6% to approach 10300 having slipped from that level last week, while the CAC jumped a similarly strong 1%.
Looking to the US open and the Dow Jones, which had a strong session last night thanks to the dovish nature of Yellen’s comments, is barrelling towards 18000. With the futures pointing to a 65 point rise at the open the index is only 20 points away from that landmark level, but without anything in the way of data this afternoon (though that may well end up working in its favour).
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