Spreadex Market Update
FTSE struggles to find momentum, Verizon reportedly ‘agrees’ Yahoo deal
The FTSE rose by around 10 points as the morning went on, a paltry performance that nevertheless leaves the index within touching distance of its recent 11 month highs. Part of the UK index’s lacklustre showing has stemmed from the pound’s own gains, with sterling taking nearly half a percent off the dollar and ticking around 0.2% higher against the euro.
Things were far livelier over in the Eurozone, with both the DAX and the CAC nearing 1% in growth this Monday. The thrust of that upwards movement has come from the morning’s German Ifo business climate figure; arriving at -4 against the -6 forecast it appears that sentiment hasn’t been as negatively impacted by the Brexit as first thought, something that has helped lift the spirits of the region’s investors.
Looking ahead to the US open and the Dow Jones is looking far more like the FTSE than the DAX, the futures pointing to effectively no movement after the bell. That still, however, sees the Dow a mere 100 points away from its all-time highs, with the potential for a $5 billion Yahoo-takeover by Verizon to spark up what has so far been a painfully dull start to the week.
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