The markets remained a muddle of data-reactions this Tuesday, with the major indices all largely moving higher.
While the pound couldn’t gain any traction against the dollar, where it dipped 0.1% to a sub-$1.333 2 week low, sterling did managed to take 0.4% off the euro, sending the currency back above €1.136 after both the German and eurozone-wide ZEW economic sentiment readings sharply underperformed expectations. That disappointing data, combined with a better than forecast core US PPI figure, also saw the dollar climb 0.5% against the euro, taking the greenback to a 3 week peak.
Normally any sign of sterling growth would make the FTSE miserable. However, the UK index surged 0.6% to a one month high just shy of 7500 after BP (LON:BP) and Shell (LON:RDSa) rose 2.1% and 1.4% respectively following the potentially weeks long shutdown of the Forties oil pipeline (interestingly Brent Crude’s own $65-50 per barrel-crossing rise dissipated as the day went on).
Elsewhere the DAX and CAC got some mild enjoyment out of the euro’s decline, with the German and French indices jumping 0.2% and 0.5% respectively. As for the Dow Jones, it rocketed 100 point and is eyeing 24500 for the first time since the index’s post-tax bill Senate success surge last Monday.
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