Seemingly content to ignore the rapidly accelerating coronavirus situation both domestically and globally, the Dow Jones started strong on Monday.
Admittedly with a way to go until it has recovered last week’s losses, the Dow nevertheless added close to 400 points once trading got underway stateside.
One of the key drivers of that growth was Boeing (NYSE:BA), which jumped more than 7.5% after the bell, thanks to news that it is cleared for 737 Max test flights sometime this week by the Federal Aviation Administration.
There was also a significantly better than forecast US pending home sales reading, which swung from -21.8 in April to +44.3% in May, blasting past the 18.9% forecast.
The buoyancy of that US open gave Europe a shot in the arm, with the region’s indices picking up the pace once the bell rang on Wall Street. The FTSE rose past 6230 as it jumped 1%, with the CAC nearing 4950 following a 1% increase. The DAX, from the off Europe’s best bourse, added 170 points, speeding beyond 12270.
Pessimism about the UK’s trade talks with the EU appeared to put a bullet in the pound, which sank 0.6% against the dollar and 0.8% against the euro. This as Boris Johnson said he would accept an ‘Australian-style’ deal, one that is so sparse it is ‘no deal’ in all but name.
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