Despite Bitcoin stealing focus from the main markets on a fairly quiet Monday news-wise, the European indices continued to push higher thanks to the Republican tax bill progress over the weekend.
As is typical for the index, the FTSE’s gains quite sharply trailed the growth seen from its eurozone peers. The UK index jumped half a percent, climbing to a 6 week, 7500-crossing high; in contrast the CAC rose 1.2% to hit 5400, while the DAX surged 1.6% to strike its own month and a half peak of 13300.
Both the UK and eurozone indices largely ignored the gains seen by the pound and euro, with the currencies rising 0.3% apiece against the dollar. That jump has taken cable back across the $1.35 mark, though sterling is still a way away from the $1.345-hitting performance it saw in the middle of last week; the euro is in a similar situation, remaining more than half a cent off of last Thursday’s 9 day high against the greenback.
Looking to this afternoon and the Dow Jones is, of course, on track for yet another record breaking open. The futures have the Dow starting the session 150 points higher, an increase that would leave the index heart-racingly close to 24800. And this is before the tax bill is even passed; if it does proceed without a hitch, as expected, then the Dow Jones may well close out 2017 above 25000.
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