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FTSE Maintains Commodity Gains; Alphabet Keeps Dow Jones From New High

Published 25/07/2017, 16:04
Updated 09/07/2023, 11:32

Despite some fairly significant market movement it’s been a pretty dull day of trading, with all the week’s good stuff coming from Wednesday onward.

While the S&P 500 hit a fresh record peak off the back of some better than expected earnings, the Dow Jones wasn’t quite as enthusiastic, shuffling 0.3% higher. The Dow is being held back by Google-parent Alphabet (NASDAQ:GOOGL), which is down more than 2.5% this Tuesday after revealing an EU fine-dragged Q2 profit last night. Still, the index isn’t too far from its own all-time high – in fact it hit a new intraday peak earlier in the day as it came within 10 points of 21700.

Despite the euro pushing to yet another recent high against the dollar – it’s not too crazy to think it could hit $1.17 if the Fed sounds particularly dovish on Wednesday night – the eurozone indices remained buoyant this Tuesday. The DAX, aided by a stronger than forecast German Ifo business climate reading, rose 0.6%, while the CAC was up 1.1%. Those gains have to be put into context, however, with both indices still looking rather sickly following the euro’s ECB-rocket last week.

As for the FTSE, the UK index maintained its rebound, regaining almost all of Monday’s losses with a 90 point rise. The commodity sector was the main driver of the FTSE’s comeback, with Brent crude and copper – up 1.9% and 2.9% respectively – leading the oil and mining stocks higher.

However, the UK index will face a tougher test tomorrow. Not only will it have to deal with a potential perky pound, in light of the dollar’s pre-Fed jitters, but an absurdly busy morning for corporate earnings, one that includes updates from Antofagasta (LON:ANTO), GlaxoSmithKline (LON:GSK) and ITV (LON:ITV).

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