Awaiting Rishi Sunak’s mini-budget, the FTSE managed to erase much of its early growth, while its Eurozone cousins weren’t as lucky.
Down just 0.1%, the UK index seems to be in anticipation mode, keen to see what kind of measures the Chancellor will unveil in his summer statement. The pound was similarly anxious, slipping 0.1% against dollar and euro alike, eyeing Sunak’s announcement while keeping an ear to the ground regarding any update on the latest Brexit talks.
Without anything like the Chancellor’s budget on the cards, the DAX and CAC had little reason to ease their losses in the face of the USA’s continued covid-19 nightmare, and the re-lockdown in parts of Australia. The German index dropped half a percent, pushing it under 12560, with its French counterpart down 0.8%, sitting the wrong side of 5000.
As for the Dow Jones, it doesn’t currently look like it will be up to much when trading begins stateside, the futures pointing to an unchanged open. That arguably can be chalked up as a win, given the severity of the coronavirus situation in Texas, Florida and the USA as a whole.
"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."