Cohn ‘n’ the Barbarian

Cohn ‘n’ the Barbarian

Mike van Dulken, Head of Research at Accendo Markets commented to clients this afternoon:

“European equities are recovering after the resignation of Trump’s top economic adviser Cohn overnight, clawing back to breakeven, however US futures still point to a sharply lower open. A European rebound comes courtesy of the US dollar regaining some poise, however this is also capping FTSE gains as commodities suffer, further compounded by heightened concerns of a global tariff war in the wake of pro-trade Cohn’s departure from the White House. The FTSE 100 has reversed its declines to trade flat thanks to RR (results), NG (Ofgem price review, rebound), ULVR/BATS (defensive, heavyweight) and SKG (official bid from Int. Paper). These offset negative contributions from Miners (Trump chief economic advisor quits, US tariff concerns, metals lower, risk aversion), Oil (oil priced lower, big API Crude build) and pullbacks for AZN/WPP. The FTSE 100 has broken back above 7,135. The DAX 30 bounced to close the gap at 12,120. Dow Jones Futures are making an upside test of 24,600. Gold is pulling back to support around $1330, in a new rising channel.”

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