There remained a general lack of cheer on the markets this Thursday, cemented by a negative open in the US.
The Dow Jones dropped 90-ish points after the bell, though managed to remain a decent way above 23000. A big ol’ chunk of that decline will stem from Apple (NASDAQ:AAPL), which plunged nearly 3% on reports that it would be cutting production of its iPhone 8 due to a lack of demand (the company releases its financial Q4 results at the start of November).
Over in the eurozone the situation was fairly complicated, with it hard to ascertain whether the region’s indices were falling due to the heightening of tensions in Spain or the euro’s seemingly positive reaction to Madrid’s intention to suspend Catalan autonomy on Saturday. Regardless, the euro was up 0.3% and 0.4% against the dollar and pound respectively, while the DAX fell half a percent and the IBEX 0.7%.
As for the pound, while it could not shake its losses against the euro – leading it to match last Thursday’s intraday lows – cable did manage to shrink its decline to just 0.1% despite September’s far worse than forecast retail sales reading. The FTSE, meanwhile, was hampered by the performance of some of its constituents, namely Unilever (LON:ULVR) which fell 5% after its underlying Q3 sales missed estimates by a third.
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 specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised 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 authorised 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. In relation to fixed odds, Spreadex Ltd is licensed and regulated by the Gambling Commission under licence number.