Spreadex | Feb 11, 2019 16:26
Though the US open did little to help out, the European indices really got carried away with themselves on Monday.
Grumpily unwilling to join in with the gains across the pond, the Dow Jones did almost nothing after the bell, instead starting the session down 50 or so points. The index may be edgy all week, or, at least, until it gets a better sense about what way the resumed US-China trade talks in Beijing will go.
Exhibiting none of the reticence shown by the Dow, the European indices galloped ahead as the day went on. The DAX, trying to shake off the trauma of last week’s warnings about the German economy, rose 0.8% – not quite enough to lift it above 11000 for any sustained period, but close – while the CAC managed to keep the right side of 5000 after climbing 1%.
The FTSE, which had slowed ever so slightly around lunchtime, revved up in the afternoon, adding 0.7% to sit at 7125. The UK index got some of its swagger back as the pound’s initially nonchalant reaction to the day’s truly dreadful data gradually darkened.
Against the dollar sterling dropped half a percent, taking cable to a fresh 3 week low, while against the euro it was down 0.2%. That its losses weren’t more severe, however, is worth noting; things could have been a lot worse given that the UK economy contracted by 0.4% in December.
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Written By: Spreadex
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