Though it is still early in the day, at yet another fresh peak of 7260 the FTSE is on track to close at an all-time high for a record-breaking 9th session in a row. Though a 20 point increase would normally be nothing to write home about, the UK index’s consistent incremental additions since mid-December have seen it scale such heady heights. Of course, it has received a helping hand from sterling’s sour performance, with the pound now stuck at 10 week and 2 month lows against the dollar and euro respectively.
Beyond the pound’s Brexit-burden, the FTSE’s supermarket stocks have also played a key part in the index’s gains this Tuesday. After a 7 year best Christmas performance from Morrisons led the previously flailing company another 4% higher its Big Four rivals followed suit. Tesco rose 4.3% ahead of its own statement on Thursday, while Sainsbury’s jumped by a more mild 1.8%, enthusiasm tempered by the fact that its update tomorrow is expected to reveal a decline in like-for-like sales across the supermarket’s third quarter.
Looking ahead to the US open and after once again failing to cross 20000 the Dow Jones is back at 19900, with the futures suggested a limp 10 point increase when the bell rings on Wall Street. There isn’t much for the Dow to contend with this afternoon bar the JOLTS job openings figure (forecast to rise to 5.59 million), so it may struggle for that landmark-striking momentum it needs.
