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FTSE Pushes Towards 7350 As Market-Wide Rebound Continues

Published 14/08/2017, 11:50
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With little to disrupt it the market-wide rebound continued this Monday, investors – for the moment at least – putting their nuclear fears to one side.

Though it’s still lagging its Eurozone peers, the FTSE managed to widen its gains to more than half a percent this morning, pushing the index back towards 7350. Luckily its commodity stocks are yet to pay too much attention to the losses seen by Brent Crude and copper; the black stuff slipped under $52 per barrel, while the metal dropped 0.7%, following a trio of data-misses from China overnight.

The DAX and CAC remained at the front of the pack as lunchtime approached, rising 1.1% and 1% respectively. Both were aided by the euro’s slight dip; though the currency is up 0.1% against the pound, sending sterling below €1.10 in the process, it fell 0.2% against the dollar after the Eurozone-wide industrial production reading came in at a worse than forecast -0.6%.

Looking to this afternoon and the Dow Jones is all set to join in with the early in the week recovery. The Dow futures are pointing to an 100 point rise once the bell rings on Wall Street; that would still leave the US index the wrong side of 22000, but with only 30 or so points needed to close the gap. There’s not a lot going on beyond that, especially since investors appear to be ignoring the events in Charlottesville, meaning the day’s gains may go unchallenged.

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