Spreadex | Feb 12, 2019 16:39
While the rest of the markets roared ahead the FTSE came over all shy on Monday, unable to reach last week’s highs.
Celebrating the same US government shutdown-avoiding, trade war-ending hopes that glazed the European open in green, the Dow Jones jumped 230 points after the bell, sending the index back towards 25300 and near(ish) its recent 2 month peak.
It is important to note, however, that neither the shutdown nor the trade war has been resolved just yet. The former still requires the ever-petulant Trump’s signature, while the latter remains in the negotiation stages, the next big meeting being Thursday’s Mnuchin/Lighthizer/He get-together in Beijing.
The Dow’s growth allowed the Eurozone indices to continue their own rebound. The DAX and CAC both rose 1%, the former closing in on 11150 – still plenty of ground to recover following last week’s plunge, mind – and the latter crossing 5060.
Absent from the day’s optimistic gains was the FTSE. Already lagging behind during the morning session, the UK index gradually saw its mild growth ebb away after Theresa May’s Commons statement. That the FTSE doesn’t need to make up the same kind of recent losses as its UK and US peers likely has informed its Tuesday performance, though it doesn’t mean it has failed to make the most of BP (LON:BP) and Shell's (LON:RDSb) Brent Crude-led rise.
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