Tuesday’s muted trading continued into the afternoon, with the anticipation for the Fed and ECB meetings on Wednesday and Thursday perhaps preventing investors from doing anything too drastic.
The Dow Jones and dollar were both pretty quiet after the bell, a tad surprising given a 6 year high inflation reading – 2.8% per annum in May – and the success/disappointment of the US-North Korea summit. The index dipped 0.1%, just about ducking under 25300, with the greenback flat against the euro but up 0.1% against the pound and 0.2% against the yen.
Things were slightly more negative in Europe. The FTSE couldn’t shake its half a percent decline, losses for BP (LON:BP) and Shell (LON:RDSa), alongside its miners, forcing the index back towards 7700. As for the eurozone, the DAX managed to hold anything too serious at bay, slipping just 0.1%, while the CAC matched the FTSE with its own 0.5% drop.
If things were downbeat today then they may be downright boring tomorrow, a day of trading caught in the shadow of Wednesday’s evening’s Fed meeting. That is unless investors decide to pay more attention to May’s UK inflation reading than they did Tuesday’s jobs data.
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