In a sharp turnaround from this morning, every major Western indices bar a stimulus-boosted CAC turned negative on Thursday.
After having its best day since mid-July last night, surging 450 points on a combination on relatively unfounded vaccine and stimulus speculation, the Dow Jones suffered a setback en route to its record highs.
Falling 240 points, the Dow sank back under 28900, seemingly hurt by news that the ISM services PMI fell month-on-month from 58.1 to 56.9. There were a couple of positives, namely a better than forecast Markit services PMI and the best jobless claims reading since pre-lockdown.
With the US open souring the tone of trading, and little of their own to celebrate, the FTSE and CAC swung into the red. The German index slipped 0.1%, having risen as much as 1.6% in the early hours of the session, with its UK counterpart back to 5925 as it dropped 0.3%.
In contrast the CAC, buoyed by the unveiling of a €100 billion stimulus plan in France, remained up 0.8%. And even then that was less than half of what the index was had managed after the bell.
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