Spreadex Market Update
Brexit polls hit pound hard as Vote Leave gains ground, while commodities push FTSE higher
The FTSE was far and away the index-leader this morning, jumping over 50 points after the bell to push above the 6250 mark. The brunt of that surge came from the commodity sector; with Brent Crude back above $50 per barrel (though that increasingly looks like a pretty solid resistance level) the oil and mining stocks leapt into life at the start of the day, led by BP and Rio Tinto respectively.
However not all was rosy in the UK this Monday, with the pound taking a hammering since the session began. Dropping nearly 1% against the dollar and the euro the currency is continuing to feel the ragged toing and froing of the duelling EU referendum campaigns. The most recent downward movement was sparked by a series of polls over the weekend that suggest the Brexiters have gained ground as immigration has come into focus, reintroducing a wave of uncertainty that appeared to have been put to bed in light of the 13-point lead Vote Remain had around a fortnight ago.
Over in the Eurozone and things were more muted, the DAX and CAC rising 0.3% apiece. The former is arguably lucky to be seeing any growth at all following a far worse than expected German factory orders figure, which slumped to an 8 month low (but did, to be fair, see last month’s figure hit a peak not seen in over a year and a half).
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