Spreadex Market Update

Sluggish open for the US as FTSE highs continue



The FTSE, up 24 points on the day, has managed to hit its highest point since the beginning of the pandemic.

This upward rally comes off the back off a strong performance from Royal Dutch Shell, up 2% on the day.

Royal Dutch Shell has benefited from the recent surge in oil prices, seeing Brent Crude hit $73.60 a barrel, its highest level since April 2019.

The Dow and S&P are not having the greatest start to the week, down 0.49% and 0.25% respectively.

With the Dow pushing 35,000 only a couple weeks ago, to see it down at the 34,300 mark shows how overperforming the Dow has been the last month, it is finally regressing to its mean.

Bitcoin has had another surge, up 13.3% and back past the $40,000 mark. The spike comes because of another tweet from Tesla CEO Elon Musk, claiming that Tesla would in fact accept Bitcoin payments, on the condition of reasonable clean energy use by miners.

Bitcoin has had its backers over the last 3 weeks, with El Salvador last week, the Bank of England contemplating crypto regulation, and now further backing from Musk, it might not be a surprise to see Bitcoin reach its former levels of 50/60k, especially when it can jump up $4,000 in a day like today.

The CAC and Dax have also had a decent start to the week, up 0.27% and 0.09% respectively.

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