The markets were determined to start what is looking like an otherwise quiet Monday by putting their best foot forward.
Despite still having plenty to worry about, from the trade war to Brexit – the impact of which may be evidenced by the week’s data, including a UK jobs/inflation/retail sales relay and a data-dump from China – the European indices sprung out of the gate.
Leaping 130 points higher, the DAX once again crossed 11800, pushing it back above 11800 and leaving it at its best price since the market-wide plunge suffered this time last week. The CAC was in near enough the same situation; a 1.1% rise put the French bourse at 5375, though that remains around 300 points off of where it was at the end of July.
Hampered oh so slightly by the pound’s futile attempts at a comeback – while cable’s unchanged at a 32-month nadir, against the euro sterling is up 0.3% – the FTSE couldn’t quite match the giddiness of its Eurozone peers. Nevertheless, a 50 point climb put the UK index within touching distance of 7300, around 100 points shy of where it opened last Monday.
Calendar-wise, Monday is a bit of a dust bowl, leaving the stage free for a rebound-disrupting tweet from Trump or growth-undermining statement from Beijing. The rest of the week, however, should make up for the quiet start.
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