The Dow Jones rose 100 points after the bell, pushing the index above 25800 as the markets looked to end the week on a positive note.
Ignoring a string of bad figures from the manufacturing sector – the Empire State index was far worse than forecast at 3.7, as was the industrial production reading and the capacity utilization rate number – the Dow managed to hit its best level for around 10 days. This following reports that the negotiating teams for the US and China had been on the blower on Friday morning after a week or so of little trade talk action, alongside word from the latter’s state media that ‘substantive progress’ had been made.
The decent start from the Dow preserved the gains seen in Europe. The CAC led the way with a 0.8% increase, one that sent the French bourse to 5375. The DAX, meanwhile, added 0.5% as it hit 11650, with the FTSE striking a near one month high of 7230 thanks to a 30 point rise.
As for the pound, it managed to climb 0.4% against the dollar and 0.1% against the euro, the difference in form down to the greenback being hurt by the weak manufacturing data out of the US.
Friday has provided a moment of Brexit respite for sterling, but don’t worry, the currency will be back in the thick of it next week, as Theresa May preps a third meaningful vote on her hated withdrawal agreement.
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