Spreadex Market Update
Post-Brexit rebound loses steam, but FTSE holds strong above 6300
Dipping a mere 20 points the FTSE continued to hold onto its unlikely title of being the best performing index having effectively recovered the entirety of its post-Brexit losses. It’s hard to overstate how impressive the FTSE’s recovery has been; it seems the markets have processed the Brexit remarkably quickly, be it because they don’t think it will actually happen or because of a willingness to keep the UK index in the same 6000 to 6300 bracket it has inhabited for most of the year. The pound hasn’t been quite as robust in its rebound, though it is still around 3 cents above the lows it struck last Friday.
After days of being defined solely by the Brexit fallout the UK actually provides a bit of extra data this Thursday, namely the final Q1 GDP reading (expected unchanged at 0.4%) and the current account figure (with the deficit set to shrink to £27.3 billion). Arguably the most important event, however, happens just before the market closes, with Mark Carney set to call for calm amid a barrage of questions from reporters.
Falling over half a percent the DAX and CAC once again trailed the UK index, the Eurozone indices persistently suffering more than the FTSE since last Friday. Like the UK the region provides a distraction from all the Brexit chatter this Thursday; the Eurozone-wide inflation figure is forecast to creep out of negative territory, while the ECB meeting minutes may give investors an insight into the central bank’s state pre-Brexit.
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