Black Friday looked rather grey, with the markets struggling into action with a turkey hangover.
The FTSE looked pretty tired after the bell, slipping 0.1% as it once again failed to mount a serious push above 7400. As for sterling, it rose 0.1% against both the dollar – keeping the currency the right side of $1.33 – and the euro, where it lifted away from Thursday’s lows.
Sterling’s (admittedly slim) gains came despite the continued gloomy outlook for Britain’s wages – backed by yesterday’s IFS report that workers face ‘lost two decades of wage growth’ – and the no doubt related drop in consumer confidence to lows not seen since the Brexit vote, as shown in a YouGov/CEBR survey.
Over in the eurozone things were hardly more exciting. The DAX strained to keep its head above 13000 with a 0.1% rise, while the IBEX climbed 0.3% and the CAC sat flat around 5370. The region’s focus this morning will be the German Ifo business climate reading, with analysts expecting the figure to come in at 116.6 for November against the 116.7 seen in October.
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