There’s a reason Garfield hates Mondays.
The markets spent the day in various shades of red, the tone set by the morning’s alarming Eurozone flash PMIs.
Thanks to those woeful PMI readings – the choice cuts were from the manufacturing sector, with the German figure at 41.4 and the region-wide number at 45.6 – the Eurozone was the worst performing area. Losing 140 points the DAX neared a 2-week low, while the CAC dropped under 5620 as it fell 1%; the pair was maybe saved from anything worse by the prospect of the ECB’s recently announced stimulus.
Having tumbled last Friday, the Dow Jones didn’t really do much after the bell. Nevertheless, a 0.1% decline pushed the index back below 26900 – like the DAX, its worst level since September 11th.
The FTSE was in an interesting situation this Monday. The overall tone of the markets ensured it spent most of the session at a loss. However, its decline was capped at around 0.2%, thanks to both the pound’s losses – Brexit anxiety sent it 0.4% lower against the dollar and 0.1% against the euro – and movements in its travel sector.
The market never leaves time to mourn. In other words, investors swiftly moved to potential winners in the travel sector following the collapse of Thomas Cook. Tui LON:TUIT) maintained an 8.5%, 7-month high-hitting rise, while EasyJet PLC (LON:EZJ) climbed 4.1%. British Airways-owner International Consolidated Airlines Group (LON:ICAG), on the other hand, fell 1.6%.
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