It was a forgettable session, the markets lacking direction as they wait for Friday’s manufacturing data.
Matching the inertia of its Eurozone peers, the Dow Jones did nothing after the bell. Opening flat, it sits at 29340 – one good session away from reclaiming its 29500-tickling all-time highs.
As mentioned, the Eurozone was devoid of drama this Thursday. The DAX shed a handful of points as it continued to lurk just under 13800, while the CAC was flat a bit above 6100.
The FTSE 100 was the sole major index to push higher; then again, unlike the DAX and Dow, it is nowhere near its own record peak.
Adding 0.3%, the UK index touched 7480, boosted by the likes of Lloyds Banking Group (LON:LLOY) and Smith & Nephew (LON:SN). The real difference maker, however, was sterling’s latest slide. Despite a broadly positive week for data – Thursday saw a better than forecast swing in retail sales, from -0.5% to 0.9% month-on-month – the pound is having a bit of a nightmare.
Cable's 0.3% drop pushed it to a near-3 month nadir of $1.2878, while a 0.5% fall against the euro took sterling to an 8-day low of €1.19045. The currency is afflicted by a variety of issues, from the upbeat tone of the ECB’s latest meeting minutes, to the dollar’s safe-haven appeal, to the pre-trade negotiations slanging match between the UK and EU.
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