Trading began to flatten out as Wednesday went on, the US open doing little to give the markets a renewed sense of direction.
The Dow Jones dipped 20 or so points after the bell, causing the index to flirt with dipping under 25800 without committing the sitting the wrong side of that level. The Dow is potentially at a mid-week crossroads; recently it has been going great guns, with the much talked about record-breaking bull run leaving the index with a return to all-time highs in its sights.
Yet the stench of corruption surrounding Trump, the restarting of trade talks between the US and China, and even Wednesday night’s FOMC meeting minutes all pose a challenge to the Dow’s gains. In terms of that latter event, the dollar could really do with Jerome Powell and co. signalling a September rate hike, given the greenback suffered in the aftermath of a dovish Donald’s Fed criticism earlier in the week.
Elsewhere the European indices weren’t up to much. The FTSE, which at one point was down half a percent before climbing above 7600, settled for a 0.1% increase, while the DAX remained the wrong side of 12400 after abandoning its initial growth.
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