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Markets Struggle For Direction; FTSE Holds Above 7400

Published 24/04/2018, 16:15
Updated 21/10/2020, 09:15

It was all a bit scrappy out there on Tuesday, the markets struggling for any clear direction as the week continues to chug along towards Friday’s GDP readings.

The Dow Jones couldn’t deliver on its previously suggested 160 point open, instead falling around 0.1%, the index pushed back by the fact that the yield on 10-year US Treasury notes hit 3% for the first time since 2014. Not that the dollar picked up any juice from this potentially hawkish shift; though it rose 0.4% against the yen, the greenback slipped 0.2% against both the euro and the GBP/USD.

This negative start from the US appeared to cause the bottom to fall out of the eurozone markets. The CAC dropped 0.4%, while the DAX plunged 90 points, the German index slipping under 12500 for the first time in a week.

As for the FTSE, the index lost all of its 11 week high-hitting growth as the day went on. However, it avoided the losses seen in the eurozone and US, holding above 7400. Granted, the index will feel a bit aggrieved that it couldn’t make more out of Brent Crude’s latest gains, with 1.1% and 2.2% jumps from Shell (LON:RDSa) and BP (LON:BP) seemingly going to waste for the FTSE as a whole.

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