Monday’s market cheer was nowhere to be seen this Tuesday, as investors came over all shy while they waited for news of the Republicans’ tax bill.
The FTSE was the only index with any positivity this afternoon, and that was only because the pound was in a foul mood. While the FTSE rose 0.2%, crossing the 7550 mark for the first time in 6 weeks, sterling dropped 0.2% against the dollar and half a percent against the euro. The pound’s presumably not best pleased with Michel Barnier’s comments stating the City of London won’t be getting any special treatment post-Brexit.
The eurozone indices suffered from the strength of the euro, with the currency matching its 0.5% jump against the pound with a 0.4% rise against the dollar. This meant the DAX and CAC both fell 0.3%, while the IBEX slipped 0.2%.
As for the Dow Jones, the US index retreated from yesterday’s all-time highs. Falling 70 points the Dow is not back below the 24750 mark, around 150 points off of Monday’s intraday peak. It’ll be interesting to see whether the index can take flight tomorrow if/when the US tax ‘reforms’ are passed.
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