Unlike on Monday and Tuesday, the FTSE’s session remained quiet throughout, the index perched at 6,750.
At most moving a couple of points in either direction, the UK index took its first real breather since the New Year began, stabilising at a one-week low.
Brent Crude’s retreat from its early 11-month high, and BP (LON:BP) and Shell (LON:RDSa) subsequently going in in the wrong direction themselves, nixed the FTSE’s hopes of mounting a recovery this Wednesday.
The index wasn’t helped by firm losses in its banking and mining sectors, as well as Just Eat’s (LON:JETJ) 4.6% slide following the reveal that its underlying profit margins dramatically shrank in the fourth quarter due to aggressive investment in expansion.
The FTSE wasn’t alone in having little to report. The DAX and CAC crept a bit higher, but only by 0.3% apiece, still leaving the German bourse short of 14,000.
As for the Dow Jones, it still seems wary of making any sudden movements until it sees how Trump’s latest impeachment pans out. Though arguably more important than the impeachment itself would be any vote to prevent Trump from running again in 2024.
It would be fascinating to see how investors would greet that news, and whether the removal of Trump from the political sphere for good would be a significant a market mover, be it to the positive or the negative.
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