The UK trade deal with the US meant the FTSE 100 was spared the selling that has characterised continental European markets, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
European markets drift lower in quiet session
Without interest from US traders European markets have found it hard to sustain the positive momentum seem yesterday. The optimism seen in the wake of payrolls and the passage of Trump’s tax bill dissipated as tariff worries resurfaced ahead of next week’s deadline, leaving the Dax and others in the red.
FTSE 100 flat on the session
For once the UK’s separation from the EU meant that it was spared any downside today, the index holding on flat for the day. As one of the few countries to have successfully negotiated a ‘trade deal’ with the US this means UK investors don’t have to worry about this problem. Unfortunately, the slow-burn crisis in UK government spending means they will have their hands full anyway.