By Connor Campbell, Financial Analyst, Spreadex
The FTSE and pound both continued to make headway this afternoon, while the Dow Jones slunk back from its all-time intraday high.
Having promised a 22000-crossing open, a massively disappointing ISM manufacturing PMI – down to 56.3 from 57.8 month-on-month – prevented the Dow Jones from staying at that landmark level for long. Instead the index had to settle for a 60 point rise, flitting around 21950 in anticipation of this evening’s fiscal third quarter statement from Apple (NASDAQ:AAPL). Investors will be after an update on the iPhone 8, with reports suggesting that it may be delayed due to production issues, therefore jeopardising Apple’s traditionally blockbuster Q4.
In the UK the FTSE maintained a 50 point increase, largely thanks to the gains made by Rolls-Royce (LON:RR) and BP (LON:BP). As for the pound, the data disappointments in the US and eurozone, combined with the UK’s own manufacturing surprise, allowed the currency to keep above $1.32 while pushing 0.4% higher against the euro.
The euro’s subdued performance – it sat flat against the greenback – alongside the region’s impressive GDP reading meant the DAX and CAC had a pretty good day of trading. The DAX romped ahead with a near 150 point rise, crossing 12250 in the process, while the CAC jumped 0.7%.
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