Spreadex Market Update

European markets mixed as another big week of announcements dawns



Investors have still been digesting last weeks news from the central banks, as the Bank of England kept UK interest rates at 0.1%, and the US Federal Reserve announced the tapering of its bond buying programme.

In addition, markets are looking forward to the preliminary readings of the UK’s GDP as a signal of strength during the COVID-19 recovery.

Most are expecting these initial readings to be positive, which should lead to further gains in the FTSE and could help it reach back up to the highs pre-pandemic.

Furthermore, we are expecting important speeches by the heads of major central banks this week, which could give indications on where interest rates may be heading.

All this is leading to a very subdued day in European markets, with FTSE currently +0.07%, DAX -0.01% and CAC +0.2%.

Darktrace was given a large boost today, helping the FTSE stay afloat, as its shares are currently trading at over +12%, thanks to a vote of confidence from Berenburg stating that the recent drop in share price has been a result of “fear not fact”.

US markets have a strong open, as they extend the record streak of gains boosted last week by a better-than-expected jobs report, and a Fed decision that matched expectations.

It is unlikely we will see this streak ending anytime soon, but when it does, could it be catastrophic?

Tesla has been restraining tech stocks today, as their shares dropped over 6%, after news that CEO Elon Musk, is going to listen to a twitter poll, and sell 10% of his shares in the company, worth around $21 billion. It comes after the billionaire received backlash after not paying any income tax due to his wealth being set in unrealised gains.

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