Without a US intervention, the European markets struggled to put on a worthwhile display this Thursday afternoon, too busy mulling over what they’re thankful for.
As Brent Crude dropped 1.1% – leaving the black stuff teetering on the edge of falling under $48 per barrel and BP (LON:BP) and Shell (LON:RDSa) down 1.6% and 0.6% respectively – the FTSE suffered a 0.4% decline, kicking it back to 6,360 in one of the day’s more notable moves.
The UK index’s losses came despite the pound’s own problems. Against the dollar it dropped 0.4%, with a 0.3% dip against the euro. Sterling is struggling with the Brexit deal mixed signals, with headlines suggesting an agreement is incoming countered by plenty of doom and gloom (including Michel Barnier reportedly threatening to walk away from negotiations).
As for the Eurozone, there wasn’t much to report. The DAX and CAC were essentially unchanged as the session went on, notable in the case of the former considering the day has seen a drop in German consumer confidence and the extension of the country’s partial lockdown.
"Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.
In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved."