Spreadex Market Update
FTSE and pound lead (dead cat?) rebound as David Cameron heads to Brussels
Rising just shy of 2%, largely thanks to Barclays, Lloyds and RBS holding off on any more losses, the FTSE climbed near 6100 this Tuesday, meaning it actually lingered below 6000 for longer before the referendum than after the results were announced. Of course the FTSE’s fall has to be framed in the context of sterling’s slide, the decimation of the pound-dollar conversion rate leaving the UK index in a far worse state than that it initially appears. Talking of the pound the currency is also looking at a minor a rebound this Tuesday, with cable rising nearly 1% to approach $1.33 and GBP/EUR creeping back above €1.20.The Eurozone is set to follow the same trend, if only with a bit more vigour, the DAX and CAC both jumping around 2%.
With little data on the cards this morning (not that investors would be paying much attention if there were) the post-Brexit fallout will continue to define the day’s trading. The focus will be on Brussels, where David Cameron will meet his EU peers for the first time since Britain plunged itself (with a healthy push from the Leave campaign) into its current political and economic chaos. Yet with Article 50 not triggered, and the Leavers keen to keep it that way, it is hard to see much being achieved this Tuesday beyond the repetition of the same soundbites heard over the last 4 days.
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