Spreadex Market Update
FTSE continues to trickle lower despite UK running £1 billion surplus across July
The UK’s latest public sector net borrowing was a bit of an odd one this Friday. It came in at a surplus of £1 billion after months of running at a deficit, though that surplus was smaller than the number expected by analysts. The figure also came laden with caveats, analysts quick to point out that a) July’s reading is normally somewhat anomalous due to it being a big month for tax receipts, b) it could see a notable revision come next month and c) it is still too early to tell the impact of the Brexit.
Perhaps because of that mixed reception the figure seemed to have little impact on the FTSE or the pound. The former continued to hover around 6850 as it fell by 0.1%; the latter admittedly saw a bit more action, rising by 0.3% against the euro, crossing 1.16 in the process, while holding at 1.31 against the dollar.
Looking ahead this afternoon and it’s hard to see anything of interest happening at all. The US economic agenda is completely empty, meaning the Dow Jones is likely to follow the lead of its European peers, the futures pointing to a 40 point fall after the bell.
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