While the European indices perked up as Tuesday went on, sterling remained miserable – but not quite as miserable as it could have been – following last night’s indicative votes bungle.
Slipping around 0.4% against both the dollar and the euro, the pound is going to spend the day waiting for the outcome of Theresa May’s Cabinet meeting, a Tory rumble that could set the fate of the party, the nation and Brexit. Or, you know, further economy-damaging, faith-in-politics-eroding floundering.
With the pound down in the dumps, and the rest of the European indices shaking off their early sluggishness, the FTSE added 0.7%, crossing 7370 for the first time in 6 months. The DAX, meanwhile, hit 11750 after jumping 70 points, with the CAC pushing further beyond 5400 with a 0.3% increase.
Following Monday’s Q2-opening surge, one fuelled by China’s better than forecast manufacturing PMIs, the Dow Jones is currently looking at a quiet one, the futures having the index unchanged at 26250. Still, that’s the Dow’s best price in almost half a year.
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