Spreadex Market Update
Osborne helps calm FTSE by joining those arguing for a delayed implementation of Article 50
Yet while it inevitably started the day in the red, the FTSE once again displayed a remarkable resilience this morning, falling a mere 0.7% (the overnight futures had suggested a near 3% drop) largely thanks to a rebound from its mining stocks. It seems that George Osborne’s appearance this morning, his first since before the referendum results were announced, has somewhat calmed investors’ fears, the Chancellor joining many of his Tory colleagues in claiming there is no rush to trigger the dreaded Article 50 despite increasing pressure from Europe.
Not that all is now rosy. The pound continues to be the biggest market-casualty of the referendum, dropping another 1.5% against the dollar to approach a fresh 31-year low, while seeing a near 1% slide against the euro. There were also more major losses in store for the travel and housing sectors; both easyJet and Foxtons issued profit warnings this morning, causing 7.5% and 17.5% plunges respectively.
After arguably being hit worse than their UK counterpart last Friday the Eurozone indices look a bit more stable this Monday. The DAX teased some mild growth, while the CAC slipped a meagre 5 points as the day got underway. The region was likely aided by the Spanish election result; while once again a clear majority wasn’t reached, the conservative People’s Party (the market’s ostensible choice) won the most seats, with the predicted surge in support for third-place Unidos Podemos failing to materialise.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
