Spreadex Market Update
FTSE slips in Brent Crude slick, pound falls ahead of uncertain Queen’s speech
"What does end up in the speech is going to be of great interest to the markets, namely what it says about Brexit and whether it will allow May to form a government."
Sterling also had a miserable open this Wednesday, the pound falling 0.3% against the dollar and 0.2% against the euro. That’s because, despite the state opening of parliament being just a few hours away, Theresa May is yet to fully secure the support of the DUP, the Irish party unhappy with what they see as a lack of respect from certain sections of the Conservatives.
The Queen’s speech is set to outline a legislative programme much changed from the Tory election manifesto, with more controversial policies, like grammar schools and social care cuts, given the axe. What does end up in the speech is going to be of great interest to the markets, namely what it says about Brexit and whether it will allow May to form a government.
Elsewhere the Eurozone indices were even more bearish than the FTSE. The CAC plunged 1.3%, meaning it has lost all of the Macron-inspired growth it saw at the start of the week, while the DAX fell by 100 points to hit 12730, almost 200 points away from Tuesday’s intraday all-time high.
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