Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Europe Falls Despite Nasdaq All-Time High/Dow Jones 15-Week Peak

Published 09/06/2020, 09:09
Updated 21/10/2020, 09:15

European markets dipped after the bell, stalling despite another strong session for US indices overnight (including a record high for the Nasdaq).

With pronounced losses losses in its banking sector, the FTSE 100 slipped 0.8%, forcing the UK index back below 6430.

The FTSE 250 suffered a sharper decline, sinking more than 300 points to 17850, with WH Smith (LON:SMWH) providing a lot of that drag as it dropped close to 5%.

There was also a 3% slide for Bellway (LON:BWY) following the property developer’s latest update. The company revealed that it had sold close to 1000 fewer homes between August 1st 2019 and May 31st 2020 when compared to the same period the year prior.

This as reservations for new homes dropped to just 71 per week from March 23rd to May 31st; this compares to 231 per week between March 25th and June 2nd 2019. To cap it off, CEO Jason Honeyman said the firm expects activity to be ‘severely constrained’ until lockdown measures are further eased.

These UK losses were echoed by the Eurozone. After some terrible German trade data – the country’s surplus plunged from €12.8 billion to €3.2 billion month-on-month, well below the €11.9billion forecast – the DAX was down 1.1%, slipping under 12700. The CAC, meanwhile, shed 50 points to sink below 5150.

The Dow Jones is expected to follow suit this afternoon. Having hit a 15-week peak of 27,530 on Monday, the index is set to drop 0.7%, sending it back under 27400.

"Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.

In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved."

Original Post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.