It wasn’t the most thrilling post-Thanksgiving session, investors in something of a food coma.
As it has done for most of the week, the Dow Jones broadly found itself treading water around the 28100 mark, hesitant to do much else without a significant update regarding the state of play between the US and China.
That does mean, however, that it’s been a hell of a month for the US index. On its way to its recent all-time highs, the Dow has climbed 3.27% – interesting given that the latter half of November feels like it has been defined by an uncertainty, and in places outright doubt, about the ‘phase one’ trade deal situation.
After a surge in the first week of the month, the DAX has been as lateral as they come, spending most of the last 3-weeks between 13200 and 13300, with the briefest of dips out of that range in the middle of November. That didn’t change on Friday, the German bourse reversing its initial decline to add a handful of points. The CAC found itself in a similar enough situation, bouncing around 5900 after its month-opening gallop higher.
So often the black sheep, its trading constantly complicated by its politically-influenced relationship with the pound, the FTSE was Friday’s major loser. The UK index sank more than 0.6%, dropping under the 7400 level that has proven to be a tough nut to crack this November.
In a week that has seen the pound steadily recover from last Friday’s PMI shock, the currency didn’t really move as the session went on. It has been sensitive to the latest election polls, however, something that is likely to increase the drawer we move to December 12th.
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