Like a spotty teen the markets spent most of Thursday having a really, really long lie in, refusing to wake up until the start of the latest press conference between Michel Barnier and David Davis.
The pound reacted poorly to what Barnier had to say, the European Chief Negotiator for Brexit stating that the two sides had reached a ‘very disturbing’ ‘deadlock’ over the issue of the UK’s payments to the EU. These comments overshadowed Barnier’s claim that ‘decisive progress is within our grasp over the next two months’, as well as the news that an agreement had been reached over Ireland, with the pound dropping 0.2% against both the dollar and the euro. This allowed the FTSE to extend its gains to 15 points, leading the index to tickle 7550 once again.
Turning to the US open and the futures currently have the Dow Jones starting the session in the same sleepy mode as its European peers. Still, at 22860, the Dow could reach out its arm to hit the snooze button and manage to hit a fresh record high, so it’s not all bad.
There are a few items on the horizon that could inspire a bit more movement, please God. In the US there’s the latest PPI reading, expected to jump from 0.2% to 0.4% month-on-month, while the usual Thursday jobless claims are forecast to fall from 260k to 251k. There’s also a Mario Draghi-featuring panel on monetary policy in Washington to look forward to, one that also features FOMC members Lael Brainard and Jerome Powell.
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