Spreadex Market Update
Dow Jones joins in with Wednesday’s gains as Greece bailout bullishness continues to drive markets higher
Despite a disappointing services PMI, which came in at a limp 51.2 compared to the 53.1 expected, the Dow Jones roared into life after the open, rising over 160 points to approach 17900 for the first time in a fortnight. Helping lift the US index were the banks, with Citigroup surging 3.5% even as it was charged $425 million in fines related to accusations of benchmark manipulation. The banking sector as a whole seems to have been buoyed of late by the increased US rate-hike chatter, the likes of JP Morgan, Bank of America and Wells Fargo all rising around 3% as the session got underway.
Although it saw its gains widen as the afternoon went on the FTSE still lagged behind its global peers this Wednesday, posting a 0.6% increase to approach 6270. The index was aided by a 2% rise from Brent Crude, the black stuff nearing last Wednesday’s $50 per barrel teasing highs.
Over in the Eurozone the bullish party continued, the DAX and CAC romping 1.6% and 1.4% higher respectively. Investors have really taken to the news of Greek bailout progress, even if scepticism surrounding the deal (be it the can-kicked idea of substantial debt relief discussions, the apparent intransigence of Germany or the backing down by the IMF) has been rife all day.
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