Spreadex Market Update

Sunak outlines new budget, resetting UK’s spending focus in a post-covid economy



The FTSE, along with the rest of Europe had been treading water before the announcement and have only slightly dipped in the hours following.

Clearly investors are neither ecstatic nor that disappointed with the government’s plan to get the UK back on track, even with the inclusion that the UK has seen better than expected growth this year of 6.5%.

The long-term impact of the budget is yet to be realised, but considering it has not ruffled too many feathers, does this mean we will carry on seeing the steady growth we have had recently?

The decline may also not have been helped by Admiral Group whose share price has dropped almost 6%, thanks to German reinsurer Munich Re selling 12.1 million shares, or 4% of its holding in the company.

Likewise, the DAX is being dragged down by Deutsche Bank as it is currently down 6.5% despite posting fifth straight quarter profits, as cost targets clearly worry investors.

As for the US, markets are slow but steady. There has been a multitude of results being released by blue-chip companies from Microsoft to Coca-Cola.

Both Microsoft and Alphabet have seen a very positive response, with growth of 3.07%, and 2.68% respectively.

Looking at Microsoft’s share price over the past 5-10 years, they have seen strong, consistent growth. With these recent announcements, stock holders are considering them as a solid long term investment.

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