The FTSE continued to trail its eurozone peers this Friday, despite similar performances from the pound and the euro.
Down 0.1% the UK index is keeping above 7400 by the skin of its teeth. Losses in the oil, housebuilding and pharmaceutical sectors appear to be hampering the FTSE, as well as the general feeling that the UK economy is looking pretty damn ropey at the moment. As for sterling, it managed to climb 0.1% against both the dollar and the euro, hitting its best price since the start of October against the former while lifting off its early lows against the latter.
In the eurozone the picture was brighter. The DAX jumped 0.3% as the German Ifo business climate reading smashed expectations, coming in at 117.5 against the 116.6 forecast. The CAC, meanwhile, overcome its early reticence to rise 0.6%, with the IBEX 35 the region’s best performer after surging 1%.
Looking to this afternoon and the Dow Jones is back in action after taking turkey day off. The index is set to start the US session up 0.1%, leaving it just shy of 23550 and around 80 points off its all-time highs. In terms of data, investors get a glimpse at the US flash manufacturing and services PMIs; the former is expected to rise from 54.6 to 55.1, while the latter is forecast to nudge 0.2 higher to 55.5.
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