Spreadex Market Update
FTSE crosses 6550 as remarkable post-Brexit week begins to wrap up
Rising another 1.4% the FTSE has now crossed 6550, marking a near 900 point improvement on last Friday’s nadir. The pound’s rebound also gathered pace this afternoon, sterling taking back roughly half a percent against both the dollar and the pound. The Eurozone indices followed suit, the DAX and CAC jumping 1% and 0.8% respectively after having dipped into the red around midday. Even the Dow Jones is looking strong despite only increasing 0.3%, the US index now a mere 25 points from 18000 following an 11 month high ISM manufacturing figure (at 53.2).
So, we’re almost at the end of one of the weirdest market weeks in a while, with the post-referendum plunge nipped in the bud as early as Tuesday. Next week may see the Brexit jostle for attention with Friday’s non-farm jobs report, though the impact of the latter has been severely reduced by the fact that the Federal Reserve now seems a long way from raising rates. The big question is if the FTSE and co. can hold onto the momentum they have accrued in the past few days, or whether the ongoing issues in the property and banking sectors, as well as the general sense of uncertainty that seems to be everywhere but the markets at the moment, will prove to be too much.
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