The dollar kept its overnight momentum. By mid-afternoon the euro was trading at $1.1726 and the pound was pushed under $1.34 while the dollar spot price was 93.39, up +0.42%. The euro took more pressure from sterling though, cut to 0.8753, down -0.47%.
The dollar strength was part-built on anticipation of tax change – a Trump speech later today in Indiana is scheduled – which could see the corporate tax rate clipped to 20% from 35%.
Most indices were buoyed by the exchange rate falls with the German Dax up +0.44% and the French CAC 40 up +0.30%. In the US the Nasdaq picked up +0.55% to 6,415 with Facebook shares recovering +1.42% to $166; Apple stock also lifted higher to $154, up +0.60%.
At the close of business tonight the FTSE 100 was up 28 points at 7,313.51 with Pearson and RBS seeing the biggest rises, up +3.8% and +3.4%. Lloyds Banking Group was up +3.4%. Randgold Resources was down -2.3%.
- UK FTSE 100 7,313 +0.38%
- Dow 22,267.35% -0.08%
- S&P 500 2,497.82 +0.04%
- Nasdaq 6,410.72 +0.46%
- Nikkei 225 20,267.05 -0.31%
- DAX 12,668.81 +0.50%
- CAC 40 5,286.84 +0.35%
- Gold 1,288.80 -0.99%
- Oil WTI 51.95 +0.15%
More Ryanair cancellation misery en route
More bad news for Ryanair today – the cancellation of another 18,000 flights. It may pile more pressure to CEO Michael O’Leary to explain to shareholders the commercial medium and longer term picture. Especially from an aircraft operator that, up to recently, has been seen as efficient and competent.
It’s thought the fresh slew of cancellations will hit another 400,000 passengers. Several routes will be suspended including Gatwick to Belfast and Stansted to Glasgow.