Spreadex Market Update
Dow Jones hits fresh highs as FTSE starts to eye 7000
Jumping 80 points the Dow Jones’ growth was the catalyst for whatever passes as excitement this August, in the process hitting its latest all-time peak of nearly 18650. This meant investors weren’t particularly fussed by the dreadful Empire State manufacturing index figure released just before the bell, the reading coming in at -4.2 against the 2.1 forecast by analysts.
This, alongside the latest slide from the pound, proved to be a bit of a boost for the FTSE, which rose 20 points to encroach on 6950. The fact the UK index is so close to 7000 perhaps reflects how high investors’ expectations are for more stimulus from the Bank of England before the end of the year, with any negative news normally being absorbed by the pound rather than the FTSE. Speaking of sterling a 0.5% fall against the euro and a 0.3% drop against the dollar leaves it at 3 year and 1 month lows respectively, with the latest inflation reading and jobs report still to come on Tuesday and Wednesday.
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