By Connor Campbell, Financial Analyst, Spreadex
There really wasn’t a lot to talk about this morning, with nothing of note to disrupt the market’s losses.
The FTSE maintained a 0.2% drop, the general malaise countered by a comparatively perky set of commodity stocks, boosted by the news that Total (PA:TOTF) has struck a deal to buy Maersk Oil for $7.5 billion. The eurozone indices, meanwhile, were a bit moodier, with the DAX and CAC both falling half a percent despite the euro’s own weakness.
Talking of the euro, the forex market was painfully quiet this Monday. The euro shed 0.2% against both the dollar and the pound, while sterling sat flat against the greenback.
Looking to this afternoon and the US open doesn’t appear set to change much, the Dow Jones facing a flat, sub-21700 start to the session. There are, at least, some macro-issues for the Dow et al. to focus on this Monday. Firstly there is the military exercises set to be performed by the US and South Korea, something that be only inflame the latter’s northern sibling.
Then there’s America’s domestic chaos. The departure of Steve Bannon last Friday gave a slight lift to the markets; however, the constant turmoil of the Trump presidency, epitomised by its laughable turnover of key personnel, seriously endangers the tax and infrastructure plans that had been such nectar to the markets earlier in the year. In other words, any more developments may impact the Dow and dollar.
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