Spreadex Market Update
FTSE hits 12 month high while Dow Jones lags Europe ahead of Fed meeting
The mildest mover this Wednesday was the Dow Jones, which rose a mere 0.3% to climb back towards 18550. The Dow’s current shyness is understandable; this evening sees the latest Federal Reserve meeting, and while the central bank is incredibly unlikely to actually do anything given the post-Brexit inaction of the Bank of England and the ECB the tone of its statement will still help inform sentiment in the second half of the week. To be fair to the US index it also wasn’t helped by the day’s data; the durable goods orders arrived at a far worse than expected -4.0%, while the pending home sales came in at a measly 0.2% against the 1.9% growth forecast.
After initially seeming reticent to celebrate the arguably irrelevant, but still better than expected, second quarter data the FTSE began to break out a smile as Wednesday went on, rising by just over 40 points to graze 6780. That finally growth finally saw the index hit a fresh 12 month high, circling levels not seen since just before the China slowdown-inspired issues dragged the global markets lower last August.
As for the Eurozone the pound’s (now severely shrunken) losses against the euro have helped the DAX and CAC post some pretty impressive gains this Wednesday. The German index rose another 75 points to cross the 10330 mark and now sits a mere 20-30 points away from surpassing the levels it was at on the eve of the Brexit referendum, while the CAC was the day’s best performer with a 1.5% increase.
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