Spreadex Market Update
Positive US and Asian sessions leads to strong start for European indices
Whilst a last minute panic saw yesterday’s European sell-off intensify just before the close, fears over the sustainability of the US markets’ early gains proved to be premature, with the Dow Jones ending the American session up by 600 points after New York Fed President William Dudley called a September lift-off ‘less compelling’ than it was even a week ago.
This renewed appetite for risk carried over into a predictably choppy Asian session that did eventually see the Shanghai Composite post its biggest one-day jump since the start of July. The good vibes continued into the open of the European markets, with the FTSE sporadically hitting a 100 point increase whilst the DAX consistently trades over 200 points higher.
Of course, there is a long way to go until the end of the day (and the week, given the muted Wednesday trading that followed ‘Turnaround Tuesday’) and there could still be a lot more volatility left. However, Tuesday’s gains came despite the continued freefall of the Chinese markets; today’s are following a second positive session for the Shanghai Composite and a sustained surge by the US markets, suggesting there might be a bit more weight behind the sea of green currently lighting up the European trading floors.
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