David Davis’ suggestion that the post-Brexit ‘regulatory alignment’ sought for Northern Ireland and the EU would apply to the UK as a whole seems to have lifted the pound from its lows this Tuesday.
Sterling is now down just 0.3% against the dollar and 0.2% against the euro, roughly a half and a third of the declines seen respectively earlier in the day (the losses haven’t completely disappeared due to the continued DUP opposition). Add onto this copper plunging 3.6% – and the mining sector’s subsequent losses – and the FTSE had no change, with the UK index slipping 0.2% as the afternoon wore on.
In the eurozone the DAX and CAC couldn’t shake their losses, though things did improve as the euro cooled down, with the German and French indices down 0.3% apiece.
As for in the US, the Dow Jones seems absolutely knackered after yesterday’s exertion, with the index actually slipping 0.1% after the bell. A pair of weaker than forecast Markit and ISM services PMIs failed to restore the Dow’s energy reserves, leaving it to lurk just below the 24300 mark (around 250 points adrift of Monday’s all-time peak).
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