US-Mexico trade deal lifts spirits
Though tentatively positive, the European markets hardly went doolally for Donald Trump’s trade deal with Mexico, any good will tempered by a) the unresolved, and tense situation with Canada, and b) the even more unresolved, and even more tense situation with China.
The FTSE, somewhat playing catch-up after Monday’s Bank Holiday, jumped 0.6% after the bell, striking 7625 for the first time in nearly a fortnight. The miners played a key role in driving the UK index higher, having been something of a pest for the FTSE in recent weeks, with added gains in the banking sector.
A lack of movement from the pound likely aided the FTSE’s Tuesday rise. Cable sat flat the wrong side of $1.29, while against the euro, sterling slipped 0.1%, the currency pinned back by Theresa May’s remarkably chilled approach to a ‘no deal’ Brexit, with the PMI stating that such an outcome ‘wouldn’t be the end of the world’.
The eurozone indices weren’t quite as enthusiastic as their UK peer on Tuesday, having climbed a fair amount on Monday. The DAX added another 30 or so points, and, a smidge shy of 12600 is sitting at its best price for 18 days; the CAC, meanwhile, started fairly flat, but is nevertheless knocking on the door of 5500.
Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.
In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved.