Spreadex Market Update
FTSE holds steady at 6500 as easyJet reportedly starts talks to move headquarters out of UK
The index likely was helped by the fact that the UK manufacturing PMI climbed to a 5 month high of 52.1 pre-Brexit, lifting the sector away from the contraction territory it was threatening to fall into. The pound, meanwhile, briefly saw its early rebound widen (after being hit during Carney’s speech yesterday evening) before settling back at $1.327 against the dollar.
Yet there are still rumblings that the Brexit fallout is beginning to manifest itself beyond Westminster, with Sky News reporting that easyJet has started talks to move its headquarters out of the UK. News like this is only going to increase in frequency over the coming weeks, potentially threatening the recovery made by the FTSE in the last few days.
Even in the short-term the FTSE might struggle to hold onto its morning growth. The Eurozone indices are already flirting with losses this Friday (despite a generally strong set of manufacturing PMIs), while the Dow Jones is set to fall 50 points after the bell. That could drag on the FTSE as the day goes on, especially since the index has a fare way to fall before it hits its 6100 to 6300 2016 trading bracket.
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