Is the Trump-led stock market surge showing signs of fatigue? There was tech frailty on show earlier with Microsoft shares down more than -1.2% and Apple shares slipping more than -1% as a rare downgrade landed.
Meanwhile the US tax overhaul is still pushing its way through the political system: the House of Representatives votes on it this afternoon while the Senate will probably vote on it tomorrow morning. It should be law by Friday. Until the deed is done markets will remain on edge.
Once clear, some more stock market gains could be in the offing especially if M&A activity, helped by new tax concessions, get going (lower corporate tax rates will likely support deal making).
At 3.45pm sterling was down -0.14% at 1.3363 though the euro was up almost +0.30% against the dollar at 1.1815. Against the pound the euro was almost +0.50% higher at 0.8844.
The FTSE 100 was up just seven points tonight at 7,544 with Shire and easyJet seeing +3.8% and +2.8% gains while Mediclinic shares sank almost -5% to 579.00p. FTSE 250 security operator Sophos Group shares rallied more than +5%.
- UK FTSE 100 7,544 +0.09%
- DAX 13,286.36 -0.19%
- CAC 40 5,402.11 -0.34%
- Dow 24,767.36 -0.11%
- S&P 500 2,687.41 -0.10%
- Nasdaq 6,973.75 -0.03%
- Nikkei 225 22,868.00 -0.15%
- Gold 1,264.80 -0.06%
- Oil WTI 57.39 +0.37%
LSE shareholders reject TCI rebellion
Earlier today London Stock Exchange chairman Donald Brydon won a 79% majority shareholder backing providing the LSE a shot of stability. Hedge fund TCI Fund Management had been rooting for Brydon’s departure following the exit of the LSE’s former boss, Xavier Rolet.