Spreadex Market Update
FTSE heading for biggest one day jump in 10 months as market signals support for Vote Remain
While not quite as explosive as its European peers the Dow Jones nevertheless surged forth after the bell, the index rising 1.5% (i.e. 260 points) on the back of the anti-Brexit sentiment currently causing waves across the water. That leaves the Dow a mere 50-60 points away from the 18000 level it abandoned a fortnight ago, highlighting the international ramifications of the UK’s EU referendum on Thursday in the process.
Of course the day’s main action was found in Europe. At points jumping by 4% the DAX and CAC have settled at a still impressive 3.6% and 3.7% respectively; that means the former is achingly close to 10000, the German index coming within 5 points earlier in the day. The FTSE, meanwhile, has seen its growth expand to nearly 3.5%, its 200 point rise seeing it trickle over the 6200 mark.
If it maintains this surge until closing time the FTSE will have seen its biggest one-day jump in 10 months. However, the muscular showing from the UK index and the pound leaves both with the potential for a sharp fall in the run-up to the referendum, today’s robust rebound by no means guaranteeing victory for Vote Remain come Friday morning.
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