Even with the Chinese data dump that greeted the European markets at Monday’s open, the session turned out to be a bit of a snooze, lacking an injection of energy from the US thanks to Martin Luther King Day.
The DAX remained the dourest index, dropping 80 points to tumble from 11200 and back under 11150. The CAC was also in a bad mood, slipping 0.4%, while the FTSE avoided any serious losses, instead lurking near 7000.
As for sterling, what was meant to be a big session largely turned into something of a damp squib, the currency still waiting for Theresa May’s Brexit plan B. And even then some of its weight may have been reduced given that a spokesperson for No. 10 said the vote on 29th January was ‘not a second meaningful vote’, and that any ‘meaningful vote’ on whatever May proposes wouldn’t be until February.
If May doesn’t produce enough drama for sterling’s liking, then at least it has the latest UK jobs report for breakfast on Tuesday. The wider market will also have the return of the US to deal with; it’ll be interesting to see if there is a delayed reaction to China’s economic slowdown.
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.