The markets veered into the red on Thursday afternoon, steered by a weak start from the Dow Jones.
The Dow Jones sporadically dipped back under 24700 after the bell, slipping 30 or so points. This doesn’t really mean much, however, beyond that there has been little to help the Dow continue the rallying run that finally lifted it to a one month high on Wednesday. The question now is whether the Dow can continue to build beyond the levels it was at before March’s acute trade war fears set in, or if its stalling momentum will pull it lower.
Equally empty of content, the eurozone indices took their cue from the US open. The CAC, which had looked set to cross 5400 earlier in the day, instead sat at 5380, while the CAC drifted away from 12600 with a 0.3% decline.
As for the FTSE, the index was effectively unchanged at 7320, having struck a 10 and a half week peak of 7340 around lunchtime. Even with Brent Crude’s $74.50 per barrel-grazing performance the UK index was hampered by a smattering of losses in the mining sector – not enough to reverse Wednesday’s substantial gains, mind – as well as the minor comeback seen by sterling. The pound paid little attention to March’s sickly, but weather-impacted, retail sales reading, instead holding above $1.42 against the dollar while trying to knock down the €1.15 door against the euro.
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