Spreadex Market Update
POUND SURGES AFTER JP MORGAN RECORD YEAR
The bell saw slow reaction from the main indices, with the FTSE eventually dropping in line with the pound’s gains (FTSE down 0.4%, GBP/USD up 1.0%, GBP/USD up 0.6%). The DAX has effectively ended up as it started the day, around the 12625 area, and although the DOW is only up 0.1%, it is important to remember it is continuing to flirt with all-time highs.
The biggest news before the bell was that JP Morgan had recorded the greatest yearly profits in banking history of $26.5bn. Both CPI figures came in lower than expected which meant little change from previous figures – this would indicate inflation taking longer to hit the Federal Reserve targets. Retail prices were also down on the expected figures.
Silver has had an enjoyable day (up 1.6%) as has gold (up 0.8%). Brent and light crude are both up around 0.7%, with the former even breaking the $49 barrier.
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