Spreadex Market Update
Pre-BoE rate vote jitters and UK cabinet uncertainty suppress movement this Wednesday
The FTSE did manage to shake off its early reticence, climbing nearly 20 points to once again graze, if not substantially push past, the 6700 it struggled with yesterday. Even with that low bar set by the UK index the pound was subdued this morning; cable sat defiantly unchanged at just above $1.325, while the GBP/EUR trickled back under €1.20. It seems that uncertainty over Theresa May’s cabinet, namely who takes the role of Britain’s first post-Brexit chancellor, as well as pre-BoE jitters ahead of tomorrow’s potentially historic rate vote, is suppressing investor-interest this Wednesday.
The Eurozone was a bit livelier this Wednesday despite a) a general lack of region-specific news and b) the same uncertainties as the UK markets. The DAX rose 0.1%, putting it within 20 points of 10000, while the CAC maintained its status as the morning’s best performing index, jumping half a percent to tease 4350.
Having closed at a fresh record high yesterday evening the Dow Jones now faces the task of keeping up the rather ridiculous momentum it has accrued since February. The futures are pointing to an 18360-ish open, roughly 15 points below Tuesday’s peak, with little in the way of data (bar the US crude oil inventories) to deal with later this afternoon.
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