Spreadex Market Update
FTSE falls and Dow Jones stutters while pound continues to climb against dollar
The main news was that the US inflation reading fell back to 0.0% across July, slipping from the 0.2% it had seen in June. Building permits were similarly stagnant, coming in unchanged, and lower than expected, at 1.15 million, though housing starts did jump to 1.21 million. Elsewhere there was a lack of clarity, especially in terms of industrial production; while July’s reading smashed expectations at 0.7% against the 0.2% forecast, June’s figure was revised down from 0.6% to 0.4%. Overall the Dow Jones couldn’t quite pick which way to go, even with the dollar having a shocker, leading the index to slip by around 30 points after the bell.
Over in Europe, meanwhile, the FTSE continued to suffer under the pound’s (likely brief) resurgence, falling half a percent as sterling took nearly 1% off the dollar in the aftermath of the higher than expected UK inflation reading this morning. As for the DAX and CAC, they dropped 0.6% and 0.7% respectively as the euro continued to keep the pound at effective 3 year lows.
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