Following the tragic events in Spain the European markets all fell this Friday, effectively undoing most of the rebound seen at the start of the week.
Understandably the Ibex was the worst hit index, the Spanish IBEX 35 plunging 1.4-1.5%. The DAX and CAC saw similar losses; the former fell by 1%, taking it back below 12100 for the first time since Monday, while the latter dropped 1.3%. The euro, however, was relatively calm, nudging 0.1% against the dollar – the US is dealing with its own racist Trump-shaped issues – but dipping the same amount against the pound.
Taking the cue from its European peers the FTSE fell 60 points after the bell, with the likes of easyJet (LON:EZJ) and British Airways-owner IAG (LON:ICAG) providing most of the drag. That leaves the UK index under 7350, only around 20 points away from where it started the week and over 100 lower than Wednesday’s intraday high. As for sterling, its mild growth against the euro was complimented by a 0.2% rise against the greenback, cable seeking to push past the $1.29 mark it has spent the second half of the week struggling to break.
In terms of data there’s not much on offer this Friday. Instead trading looks set to be driven by the macro-economic fears currently troubling investors, namely the horrific attacks in Spain and the continued chaos of the Trump administration, specifically the rapidly shrinking probability that the President’s market-lifting infrastructure and tax plans will be materialise any time soon (if at all).