Spreadex Market Update
Pre-Bank of England jitters continue as FTSE and pound await Carney and co.’s decision
Given that most analysts see a rate cut as almost guaranteed it is interesting to note just how much uncertainty is still swirling around the Bank of England’s decision. The size of the rate cut and whether it will be accompanied by any other stimulus measures are both unknown, leaving the FTSE and the pound with the most meagre of movements this morning. The former is now up around 10 points, but has flirted with losses since the European session began, whole the latter is down 0.1% against the dollar but up 0.1% against the euro.
The Eurozone is the only region seemingly enjoying this early uncertainty, investors choosing to hit up the DAX and CAC rather than take a risk on the FTSE. This has left the German index with a near 1% rise, while its French counterpart is slightly more measured with its half a percent climb.
As for the Dow Jones well, the index isn’t really giving investors any clue into what it thinks about the potential UK rate cut, the futures pointing to a flat open later this afternoon. The BoE decision will very much be in focus throughout the rest of the day, though the US does produce the usual Thursday jobless claims alongside the latest factory orders reading.
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