Spreadex Market Update
Pound holds steady despite (relatively) hawkish comments from MPC’s Weale
Having lagged the Eurozone indices at the start of the day the FTSE has now ended up as Europe’s best performer, holding onto a 0.4% rise as the morning continued to leave it just below 6700. The main thrust of the index’s growth is coming from ARM Holdings’ post-Softbank bid surge, the microchip maker far and away the biggest riser with its 45% increase.
The pound, meanwhile, continued to trade at $1.325 and €1.198 against the dollar and euro respectively having teased $1.33 and €1.20 earlier in the morning. Interestingly sterling held steady despite some relatively hawkish comments from Monetary Policy Committee member Martin Weale. Weale stated that in his opinion any action from the Bank of England in August (as seemingly promised in its July statement) isn’t guaranteed, and is dependent on the Brexit-impact evidence that arrives between now and then.
Turning to the US open and the Dow Jones looks set to arrive just below its all-time highs, the futures suggesting a 15 point rise to 18525 after the bell. The main focus this afternoon will likely be on IBM’s second quarter figures; the tech firm is one of around 9 Dow companies reporting this week, and is expected to post earnings per share of $2.89 alongside revenue of $20.03 billion.
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