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Aug 28, 2018

Markets welcome Trump's new US-Mexico trade deal - business live | Business I The Guardian


Nick Fletcher


Though tentatively positive, the European markets hardly went doolally for Donald Trump’s trade deal with Mexico, any good will tempered by a) the unresolved, and tense situation with Canada, and b) the even more unresolved, and even more tense situation with China.
The FTSE, somewhat playing catch-up after Monday’s Bank Holiday, jumped 0.6% after the bell, striking 7625 for the first time in nearly a fortnight. The miners played a key role in driving the UK index higher, having been something of a pest for the FTSE in recent weeks, with added gains in the banking sector.
A lack of movement from the pound likely aided the FTSE’s Tuesday rise. Cable sat flat the wrong side of $1.29, while against the euro sterling slipped 0.1%, the currency pinned back by Theresa May’s remarkably chilled approach to a ‘no deal’ Brexit, with the PMI stating that such an outcome ‘wouldn’t be the end of the world’.
The Eurozone indices weren’t quite as enthusiastic as their UK peer on Tuesday, having climbed a fair amount on Monday. The DAX added another 30 or so points, and, a smidge shy of 12600 is sitting at its best price for 18 days; the CAC, meanwhile, started fairly flat, but is nevertheless knocking on the door of 5500.