Spreadex Market Update
FTSE breaks through 7000!
After surging this morning investors looked unwilling to push the FTSE through this psychological barrier for much of the day; however, as the afternoon went on the UK index slowly crept back up the charts, teetering just below the mark before finally crossing the 7000 level, something that has been spoken about since late January. The FTSE was helped by the fact that the overall outlook on the global markets turned positive after the US open, and with Brent Crude recovering to $55 per barrel, the obstacles that had sapped the index’s morning energy were removed, clearing a path for this record breaking rally. This landmark came at the right time for the FTSE; with 47 days left until the most uncertain UK election in decades, the index can expect to go through some jittery times in the coming month (and a bit), meaning that if it had missed this opportunity come the end of March it may not have had another chance until after May.
The FTSE wasn’t alone in its rally. The Eurozone, prompted by the positive comments arising from the EU summit fallout combined with the potent allure of the region’s ongoing QE situation, regained the kind of form it saw at the start of the week. In fact, the DAX is now only 100 points away from Monday’s record high close, and well above 12000, the German index’s equivalent of the FTSE’s 7000 mark.
Not wanting to be left out of the European party, the US markets joined in with the worldwide rallies as the dollar lost ground against the pound and the euro and Nike hit its own record highs. Yet Nike’s 7% growth in total revenue, aided by a recovery in its Chinese division, could have hit 13% if it wasn’t for the strength of the dollar, reigniting the debate about what the power of the greenback means for the US economy and its influential multinationals.
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