Despite the presence of a fair few potential triggers, Monday remained fairly (arguably mercifully) uneventful market-wise, investors perhaps saving their energy for the rest of a data-heavy week.
Having been on track for a 100 point-plus drop after the bell, the Dow Jones ended up halving its early losses, dipping 60-ish points to sit just above 25250. Given that the Asian session seemed like it was going to set the tone for another bloody session across the board, that’s not all that bad, though obviously there is still plenty of time for the Dow to take a dive.
Over in the Eurozone things were pretty mixed. The CAC remained the wrong side of 5100 with a 0.2% decline, but with the DAX jumping half a percent, the German index ignoring the humiliation of the CSU – Angela Merkel’s coalition partners – in weekend’s Bavarian election.
As for the FTSE, its own 0.1% rise – one that just about pushed the index back above 7000 – came at the expense of sterling. The pound slipped 0.2% against the dollar and 0.4% against the euro, as investors processed the latest selection of alarming Brexit headlines. Brussels has reportedly given Britain 24 hours to get its house in order and decide its Brexit position, a position the markets will be updated on when Theresa May addresses the House of Commons.
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