Spreadex Market Update
FTSE widens gains as Tories prepare to elevate May to PM after Leadsom drops out
Theresa May is clearly the market’s preferred choice for Britain’s top job, as evidenced by the reaction that greeted Leadsom’s stand-down statement. May’s lack of interest in rushing to activate Article 50 and her relatively less contentious relationship with the EU when compared to her (now long gone) rivals, as well as the general cheer at the mere fact of the UK once again having a PM, is arguably responsible for the rise from the FTSE and pound, both of which improved on their morning performances. The former jumped by nearly 1%, sitting firmly at 2016 (and indeed 11 month) highs; the latter, meanwhile, managed to climb away from its earlier lows, even if the currency remains haunted by the spectre of a Bank of England rate cut on Thursday.
Given the lack of other news this Monday it was inevitable that the swell in positive sentiment in the UK would feed into the rest of the global indices. The DAX and CAC, already the day’s best performers, increased their gains to 1.4% and 1.5% respectively, while the Dow Jones doubled the growth suggested by its futures to open nearly 100 points higher. That leaves the US index at fresh 2016 highs, and a mere 100 points away from its all-time peak.
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