In hardly a thrilling start to the week – especially after the market-wide, 6-month high-hitting rally that opened April – the European indices continued to lurk in the red as Monday progressed.
The FTSE managed to trim its losses as lunchtime approached, sneaking back across 7450 as it cut its early decline from 0.4% to just a handful of points. That Brent Crude hit a 2019 high, due to supply threats in Libya, helped the index turn things around, with BP (LON:BP) and Shell (LON:RDSa) getting over their initial shyness to rise around half a percent apiece.
Sterling, meanwhile, merely maintained its 0.2% increase against the dollar and euro, kept positive by news that Theresa May will visit Berlin and Paris on Tuesday as part of a push to get the EU to agree to an Article 50 extension.
Unlike the FTSE, the DAX struggled to shake its Monday dip, the German index slipping 0.4% to drift away from 12000. This after Germany’s latest bit of disappointing data, as both the country’s imports and exports fell faster than forecast.
Things could only get redder this afternoon. The Dow Jones is on track for a 100 point-plus drop when the bell rings on Wall Street, one that’d send the index back to 26300 having briefly grazed 26500 last Friday.
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.