With October containing as much red as the goriest of slasher flicks, the markets oddly chose to rebound on what would have been an entirely calendar-appropriate day to continue the month’s trading horrors.
Building on Tuesday’s gains, the FTSE shot up 1.3% after the bell, allowing the index to cross 7100 for the first time in 3 weeks. It benefited from the market-wide shift in sentiment, which itself came despite further evidence that the trade war is hurting the Chinese economy, as the country suffered a slide in manufacturing activity.
As for some more stock-specific action, Standard Chartered (LON:STAN) helped lead the banking rally, jumping 4.3% as its Q3 profit surged 35% higher to $752 million. Next (LON:NXT), on the other hand, tumbled 4.5% after revealing that full price sales growth had slipped from 2.8% to 2.0% quarter-on-quarter (it did, however, crucially maintain its overall guidance for the year).
Ignoring Tuesday’s disappointing region-wide Q3 GDP reading – to be honest, investors are going to have to continue to overlook a lotof bad news if Wednesday’s rebound is to be maintained – the eurozone got off to a strong start. The DAX rose 130 points, once again climbing past the 11400 mark it couldn’t hold above on Monday, while the CAC added 1.8% as it re-hit 5070. The region has perhaps the most interesting data of the session, with analysts expecting the flash inflation reading for October to strike 2.2%.
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