Once again the European markets were reluctant to do much without getting the all clear from the US first.
The FTSE dipped 0.1% after the bell, the index continuing to lurk the wrong side of 7150 with no real sense of direction ahead of next week’s ludicrously busy economic calendar. The pound was just as quiet; against the dollar it sat flat just above $1.39, lacking the gumption to mount an attack on $1.40, while against the euro it slipped 0.1%, pulling back slightly from yesterday’s €1.1325-crossing 2 and a bit week peak.
The eurozone wasn’t any different this Friday. The DAX was unchanged at 12350 after recovering a decent chunk of Tuesday’s US-led losses during yesterday’s trading, while the CAC slipped by 5 or so points to float around at 5270. The region has the final inflation reading for February to look forward later in the morning, with analysts expecting the figure to come in at 1.2% against January’s 1.3%.
Investors were willing to cheer Wetherspoons (LON:JDW) this Friday despite the ubiquitous pub chain striking a ‘cautious’ tone for the second half of its financial year. The firm posted an industry-beating 6.1% in interim like-for-like sales, alongside a 3.6% jump in revenue to £830.4 million and a robust 36% surge in pre-tax profit to £54.3 million. It was that latter figure that seemed to temper any negative reaction to the news that Wetherspoons is anticipating ‘higher costs’ and ‘lower’ comparable sales in H2, allowing the stock to nudge 1.5% higher.
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. In relation to fixed odds, Spreadex Ltd is licensed and regulated by the Gambling Commission under licence number.