Spreadex Market Update
Pound recovers some of post-Weale comment losses, FTSE hampered by BP’s Q2 profit plunge
Having fallen around half a percent after Martin Weale’s dovish comments earlier in the session the pound has recovered some of its losses this Tuesday, sterling now only down 0.3% against the euro and effectively flat against the dollar. The pound can likely expect a few more sessions like this in the coming week and a bit, with analysts now 90% sure that the Bank of England will pull the rate cut trigger next Thursday.
The FTSE, meanwhile, maintained a meagre 10 point increase, the index hampered by the near 3% fall from BP. The oil giant reported its second quarter figures this morning and they weren’t pretty, with underlying replacement cost profit plunging 44% year-on-year to $720 million. BP also cautioned that the current environment remains ‘challenging’, a label that sent ripples of concern throughout the rest of the of the oil sector, with Shell (which reports on Thursday) dropping over 1%.
Looking ahead to the US open and the Dow Jones is hovering just below 18500. The US provides the brunt of the day’s notable data, with Markit’s flash services PMI and the CB consumer confidence figures (expected at 51.2 and 95.6 respectively) arriving later in the afternoon.
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