After a few gory sessions the European markets followed Asia higher on Friday, though the extent of the rebound varied across the region.
Having been one of the heaviest hit indices on Thursday, at least in terms of its European peers, the FTSE posted the weakest comeback, rising just 0.3%. And though that put a bit more distance between it and the 7000 mark it had plunged below at its worst points this week, since the start of the month it has still lost a whopping 500 points.
Part of the reason why the FTSE’s gains might be a bit lacklustre when compared to its continental cousins is the continued strength of sterling. Against the dollar it rose another 0.1%, lifting cable above $1.325 to a fresh 3 week peak. Against the euro, meanwhile, it also climbed 0.1% to re-cross €1.142; not quite Wednesday’s €1.146-plus, 4-ish month highs, but not far off either.
Over in the Eurozone the rebound was a bit more substantial. The DAX found itself up 100 points after the bell, taking it back above 11650 having struck 11400 on Thursday; the CAC, meanwhile, jumped 0.7% to hit 5150.
There’s not too much on the agenda this Friday, beyond the vagaries of sentiment, to drive trading, with the big movements perhaps set to be saved for the afternoon, with the Dow Jones currently looking at a 400 point surge when the bell rings on Wall Street.
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