The market’s rebound waned as Wednesday went on, investors struggling to find a reason to keep the gains going into the afternoon.
The Dow Jones, which at one point looked like it was going to reclaim 150 points, ended up starting the US session flat, the wrong side of 24700. There was little for the index to really work with on Wednesday, beyond the ever-looming threat of a full-blown trade war between the world’s two largest economies.
The eurozone, which started the week poorly and then went downhill from there, saw its initial tame recovery gradually chipped away at until nothing was left. That means the DAX is back struggling to keep its head above 12700, while the CAC tumbled below 5400 after switching from a 0.3% rise to a 0.2% loss.
Only the FTSE remained in the green with any real substance, and even then its 0.6% increase was half of the growth posted at lunchtime. Though the UK index broadly just followed the direction of trading from around the Western world, sterling’s reversal of its initial losses also helped erase some of the FTSE’s gains.
The pound rose 0.1% against the dollar and the euro – granted, not a lot in the context of its recent performance – as the government appeared to come to a compromise over the ‘meaningful vote’ issue, but couldn’t gain any more momentum thanks to Thursday’s impending Bank of England meeting.
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