Spreadex Market Update
FTSE and DAX burst into life as Vote Remain gains ground in a bevy of fresh polls
Jumping an astonishing 160 points the FTSE put a fair bit of space between it and its 4 month lows this morning, investors showing their support for remaining in the EU in droves. The catalyst for this remarkable growth came from a series of polls putting those wishing to stay in the EU ahead, or at least level, with their Brexit opponents, a notable comeback from the past fortnight’s surveys showing a healthy lead for the Boris Johnson and Nigel Farage-led side of the debate. The pound, meanwhile, climbed 1.6% against the dollar and 1% against the euro, leaving it at highs not seen since the start of the month.
Of course the FTSE was not alone in its charge, this Remain-goodwill stretching across the continent. The DAX and CAC shared the title of best European-performer this Monday, both the German and French indices increasing by a whopping 3.2% on the renewed hopes of Vote Remain prevailing on Thursday.
Despite this early in the week rise the markets still find themselves in a relatively precarious position. The slightest sign that the public are shifting in favour of Vote Leave will likely see today’s gains rapidly dissipate, while an intensification of pre-referendum nerves as the week goes on could see markets chop and change even without any new polling news.
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