Spreadex Market Update
FTSE continues to enjoy Friday calm before next week’s Brexit storm
Doings its best to dampen the day’s rebound was the Dow Jones, the US index opening 20 to 40 points lower after the bell. There wasn’t necessarily much to cause that decline bar a relatively weak pair of housing starts and building permits readings. Nevertheless the Dow sporadically dipped below 17700, perhaps playing catch up with the sharper declines seen across the week in Europe.
Talking of Europe, while the Eurozone indices lost some of their lustre (the DAX now up by a reduced 0.7%) the FTSE held on its growth this afternoon, the UK index increasing by 1.1%. The pound, meanwhile, saw an even more surprising rise, with cable at points grazing $1.43 for the first time since the start of the week.
Given their behaviour in the past few days the markets could be in for a real rough ride next week. The persistent polls likely to leak out in the run up to the referendum should leave the pound in a constant state of flux, while the FTSE may well see itself return to that 5900, 4 month low pretty quickly on Monday. However, while the potential post-Brexit reaction is clear, it will be interesting to see how much momentum the markets can gain if Britain opts to remain in the EU, an eventuality seemingly backed by the behaviour of Spreadex’s clients.
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