Following the morning’s better-than-forecast Chinese trade data, the session’s rebound gathered pace after the bell rang on Wall Street.
The Dow Jones, which started Wednesday in dire straits before recovering by closing time, began Thursday up around 150 points. That allowed the index to put a bit of distance between it and 26000; at 26150 it is now closer to Monday’s 26450 open than Tuesday’s sub-25100 lows.
Already strong at the start of the day, the Eurozone indices really let rip this afternoon. The DAX added 150 points, leaving it just shy of 11800, while the CAC shot up a whopping 1.8%, causing the French bourse to cross 5350.
The FTSE, which had struggled out of the gate due to a bounce from sterling, was able to join in with the gains seen by its European and US peers, in part because the pound gave up its growth as the day went on. A 60 point rise put the UK index above 7250 – roughly the mid-point between the week’s starting point and Tuesday’s 6-month nadir.
Sterling could be in for a workout on Friday morning. The currency gets to chew over not one, but two, different GDP readings; the preliminary Q2 figure is set to come in at 0.0% against Q1’s 0.5% growth, while the monthly number is expected to drop from 0.3% to 0.1%.
Disclaimer: Spreadex provides an execution-only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specializes in the personal service and credit area. Founded in 1999, Spreadex is recognized as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.
In relation to spread betting, Spreadex Ltd is authorized and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved.