There seemed to be no overriding theme to Tuesday’s trading, a mixed affair that saw the FTSE stand head and shoulders above its US and Eurozone peers.
Extending Monday’s losses, the Dow Jones fell another 80 points after the bell, ducking under 25750 to sit at its worst price for over a fortnight. Both the strength gained by the dollar – which rose 0.5% against the pound and 0.3% against the dollar – following a far better than expected ISM services PMI, alongside the scene-setting cut to Chinese growth forecasts earlier in the day, appeared to contribute to the Dow’s dip.
Though they overcame their lunchtime slide, the eurozone indices were devoid of any real energy. The DAX and CAC switched from a 0.3% decline to a 0.2% increase, allowing them to hit 11610 and 5290 respectively.
With cable on the back foot, and its miners responding well to the tax cuts and infrastructure spending announced by Beijing, the FTSE was far and away the day’s best performer. The UK indeed added 0.8%, climbing to a one week peak of 7180.
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