Though there seemed to be a brief moment of respite around lunchtime, the European markets soon resumed the session’s heavy losses. The Dow Jones, however, held off on making any big moves.
Disappointed by Rishi Sunak’s Winter Economy Plan, yet alarmed by the need for it in the first place, the FTSE was easily the worst hit index on Thursday. Shrinking by 1.6%, it found itself teetering above 5800, undoing the rebound seen over the last couple of days and leaving it back at a 3-week low.
The Eurozone indices were only marginally better. The CAC slipped 1.1%, forcing the French bourse back below 4750, while the DAX dropped 0.6%, taking it the wrong side of 12600.
After falling more than 500 points on Wednesday night, the Dow Jones took something of a breather on Thursday. It essentially spent the afternoon flat, moving between 26750 and 26775. But let’s not get ahead of ourselves. That’s still a 7-week nadir, with plenty left of the US session for the tech sector to have another value-erasing wobble.
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