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Respite from US/North Korea drama allows FTSE and DAX to catch their breath
Donald Trump’s nuclear war of words with North Korea was pushed to the side by a more domestic US crisis over the weekend, allowing the markets a chance to catch their breath this Monday.
The FTSE wasn’t the strongest of the European indices this morning; however, it still managed to push 30 or so points higher, crucially keeping it above the 7300 mark it briefly slipped below last Friday. Given that the trio of Chinese figures released overnight – the industrial production, fixed asset investment and retail sales readings – all underperformed expectations the FTSE can perhaps count itself lucky that its mining sector didn’t take the data to heart.
Over in the Eurozone the indices were far more robust in their rebound. The DAX jumped 1%, putting around 130 points between it and the 12000 mark it fell past last week. As for the CAC, the French bourse reclaimed 0.9%, leaving it a point or two shy of 5100. In its industrial production reading the region has the only significant piece of data left this Monday, with the figure forecast to plunge from 1.3% to -0.4% month-on-month.
There wasn’t a lot of forex-action after the bell. Cable managed to open above $1.30, if only just, while against the EUR/GBP is trying its best to avoid falling below €1.10, a battle whose outcome may be dictated by the state of the Eurozone’s industrial production data.
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