The markets began to flatten out as the week wrapped up, the pound recovering some of its early losses as Trump appeared to row back from the aggressive stance taken against Theresa May’s Brexit plans on Thursday.
Sterling managed to halve its losses as the afternoon went on, now down 0.3% against the dollar and 0.1% against the euro. That’s as Trump said the US-UK relationship was the ‘highest level of special’, kinder words for Britain than the President had at the start of his visit, with May also claiming she had discussed ‘ambitious’ trade plans with Orange Oaf. The reduction of the pound’s Friday decline meant the FTSE lost some of its swagger, the UK index rising 0.2% to sit around 30 points shy of the 7700 level it crossed during the morning session.
Over in the Eurozone the region’s indices were broadly unchanged from where they were at lunchtime. The DAX climbed above 12500 with a 30 point rise, while the CAC was up 0.4% to sit the right side of 5400.
As for the US open, there wasn’t much to talk about. The Dow Jones nudged 20 points higher as the bell rang on Wall Street, tickling 24950 for the first time since mid-June as the index continued its trade war-ignoring recovery.
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