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Dow Jones Continues To Climb Despite Subdued Pre-Fed Trading

Published 19/09/2017, 15:21
Updated 21/10/2020, 09:15

As tends to be the case in the run up to a Fed meeting, the markets have been pretty subdued this Tuesday, investors unwilling to do anything too drastic until the central bank releases its latest statement tomorrow evening.

Nevertheless the Dow Jones still nudged to a fresh high after the bell, climbing 20 or so points to graze 22360. As for the dollar, the currency hasn’t seen too much movement – it’s down 0.1% against the pound and 0.2% against the euro, while retreating from its earlier near 8 week peak against the yen.

Little attention was paid to the afternoon’s C-list string of US data. Building permits unexpectedly rose from 1.23 million to 1.30 million month-on-month, only for housing starts to slip from 1.19 million to 1.18 million. Meanwhile import prices jumped to a 6 month high of 0.6%, news that was countered by the current account deficit widening to $123 billion last quarter.

Over in the UK, the FTSE kept held of its 25 points rise. That allowed the UK index to cross 7280, though that still leaves it more than 100 points away from where it was this time last week. In the eurozone the DAX and CAC were mixed in the face of the euro’s minor rebound. The German index slipped 0.1% to just above 12550, while its French counterpart climbed post 5220 with a 0.1% increase.

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