A reversal from sterling, and the avoidance of significant losses in the US, allowed the FTSE to trim its losses as February came to a close.
The resignation of Agriculture minister George Eustice – who claimed a Brexit delay would be ‘the final humiliation for our country’ – and a better than expected Q4 GDP reading from the US caused cable to switch out its initial 0.3% rise for a 0.2% decline, forcing it back under $1.328. The pound didn’t fare any better against the euro, where sterling’s 0.4% increase transformed into a 0.2% slide.
This, alongside the generally improving mood across the markets, allowed the FTSE to more than halve its Thursday slump, the UK index lifting off its 3 week intraday lows to lurk just below 7100 (it’s still at its worst price since early February, mind).
The Dow Jones dealt with the day’s geopolitical uncertainties rather well, no doubt aided by America’s forecast-defying – but still slower than Q3 – fourth quarter growth. The index started the session flat, leaving it a few points short of 26000.
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