A decent US open allowed the Eurozone indices to (just about) trim their Italy-fearing losses, while also lifting a previously listless FTSE into the green.
The Dow Jones shot up 190 points after the bell, re-crossing 25550 in the process, a price it has soared past and sank through umpteen times this week. These gains appear to find their root in the rebound managed by the Shanghai Composite this morning, the index rising as regulators sought to reassure investors following the lowest Chinese GDP reading since the financial crisis.
While still in the red, the positive start from the Dow did make things a bit better in the Eurozone. The DAX is now down 0.3%, with the CAC slipping 0.4%, both indices struggling in the face of the European Commission’s aggressive dismissal of the Italian government’s budget proposal, a rejection that the country has until Monday lunchtime to respond to.
As for the FTSE, it continued to flit around 7050, the index rising 0.2% to lurk at a level that is hasn’t had much luck breaking beyond of late. Sterling, meanwhile, nudged up 0.1% against the dollar to sit just below $1.305, a very slight improvement on what turned into a tough second half of the week for cable.
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