The FTSE managed to flip from 10 points down to 10 points up as the morning went on (that’s about the level of excitement on offer), just about crossing the 7200 in the process. The UK index is largely being supported by its key sectors, with the majority of the commodity and banking stocks in the green – though not by enough, obviously, to create any meaningful growth for the FTSE. The pound was no better this Monday; sterling sat flat just under 1.25 against the dollar, while managing to crawl over 1.16 against the euro with a 0.2% rise.
Even the Eurozone, which was the main source of what passed for market-intrigue this morning, has back away from its extremes. The DAX’s earlier losses shrank from 0.7% to 0.4%, while the CAC has maintained a 0.2% decline. Still to come is Mario Draghi’s testimony in front of the European Parliament’s Economic and Monetary Affairs Committee, where the Italian ECB chief is likely to be quizzed on the central bank’s policies in the face of the Eurozone’s rising inflation.
Looking to the US open and, barring a Trump twitter surprise, the Dow Jones is set for a similarly lifeless start to the session. That does still leave it above 20000, however, the Dow holding onto the gains prompted by those financial stocks all hot under the collar at the prospect of Dodd-Frank being repealed.