It was all about the DAX this Tuesday, with the German index breaking records from the moment the bell rang.
It’s taken a while for the DAX to join in with the all-time high hitting performances of the FTSE and the Dow Jones seen in 2018. However, with German coalition talks steadily moving along, a stop-gap deal to end the US government shutdown, and a subsequent pullback from the euro against the dollar, the bourse seems ready to bulge, shooting up by 130 points to tease a 13600 record peak.
Though not quite as positive the CAC was still pretty cheery in the early hours, jumping half a percent to rise above 5550. Now the region just needs to hope the Eurozone-wide and German ZEW economic sentiment figures come in as expected, with analysts forecasting an increase to 29.7 and 17.8 respectively.
Only the FTSE couldn’t really squeeze any juice out of the day’s political news, the UK index managing a meagre 0.2% rise. This despite cable dropping from yesterday’s fresh post-Brexit referendum peak, with sterling dipping under $1.395 against the dollar after the greenback climbed 0.3% thanks Congress passing a US government shutdown ending bill.
Elsewhere easyJet (LON:EZJ) soared after posting its first quarter report, the airline surging nearly 7% as it revealed a huge 14.4% rise in revenue to £1.1 billion and a 6.6% increase in revenue per seat. The company not only benefited from the ‘foreign exchange’ situation, but the ineptitude of its rivals like Ryanair (LON:RYA) and the now-gone Monarch Airlines, Air Berlin and Alitalia, with easyJet swooping in to steal what those firms left on the runway.
Investors went barking mad for Pets at Home (LON:PETSP) after the bell. The retailer rose more than 8% after the bell, as the markets cheered a 9.6% jump in third quarter revenue to £223.3 million, and an even more impressive 7.2% increase in like-for-like sales. That its larger Merchandise division almost managed to keep up with the rapidly growing Services arm is perhaps the biggest thing to cheer in the Q3 report, with Pets at Home seemingly managing to see off sector-ruffling rivals like B&M.
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