Spreadex Market Update
FTSE fails to match global surge whilst pound rises ahead of Tuesday’s UK inflation reading
Jumping over 150 points, and clearing 17700 in the process, the Dow Jones is nearing where it started the month and is only a few positive trading sessions away from effectively reaching its all-time highs. Not that there was much to fuel today’s gains; with nothing in the way of data the US markets merely continued the positive sentiment that (just about) crept in last Friday.
The Dow may want to enjoy its gains while they last, however. Obstacles rapidly begin to pile up from Wednesday onwards, including this season’s earnings releases from the banking sector, retail sales and consumer sentiment figures and the latest inflation reading. That isn’t to mention the Chinese GDP and industrial production data, figures that could have huge ramifications for the markets.
Whilst the DAX leapt over 1% the FTSE continued to nibble on the meagre scraps thrown to it by investors this Monday, the UK index rising a comparatively limp 0.3%, edging over the 6200 mark by a mere 15 points. The pound, in contrast, saw a pretty healthy rebound, cable jumping nearly 1% as the day continued. Whether sterling can continue this current increase will depend on not only the usual Brexit-rumblings, but the state of the UK inflation reading tomorrow morning. Analysts are expecting the figure to remain unchanged at 0.3%, a relatively strong reading that will nevertheless disappoint those hoping for the number to creep up to a fresh 16 month high of 0.4%.
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