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FTSE Flat As Traders Digest Supreme Court Decision

Tue, 24th Jan 2017

The FTSE 100 closed down by 0.84 points, flat in percentage terms, as traders digested the ruling from the Supreme Court, which said that parliament would be able to vote on the triggering of Article 50.

Meanwhile, the Dow Jones was up by 54.7 pints, at 19,854.5, and the German DAX was up by 49.2 points. The French CAC also rose, although by just 8.6 points. Brent Crude is up to $55.72, and the pound is up to $1.25 against the dollar.

Equities had struggled briefly following Trump’s inauguration, but that sentiment was shortlived, and they now appear to be back in demand. UK stocks wavered throughout the day, with some strong performers, but the index ended the day down overall thanks to poor performances by EasyJet and BT, who were both forced to issue profit warnings. Shares on Wall Street got off to a strong start after investors digested Trump’s pro-business agenda. Marketers were waiting to see if Trump would take a protectionist stance on international trade, and were relieved when they saw that he was keen to ensure that manufacturing jobs remain in the United States. Both May and Trump are looking to strengthen industrial activity in their respective countries, and it will be interesting to see how that plays out in the next few years, and whether that revives jobs in some more marginalized parts of the United States and the United Kingdom, changing the current reliance on service industries.

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