Markets in neutral as news dries up

By Trevor Hoey. Published at Mar 21, 2017, in Features

With very little macro, political or significant company specific news occurring overnight most markets tended to track sideways.

The Dow only came off marginally to close at 20,905 points.

The NASDAQ was flat at 5901 points.

Even though the FTSE 100 only increased .07% to close at 7429 points this did represent an all-time closing high, part of an almost uninterrupted rally that commenced at the start of December when the index was hovering in the vicinity of 6700 points.

After coming under pressure early in the session, the FTSE 100 took some positive direction from the UK government’s announcement regarding the imminent commencement of Brexit procedures.

The moves were a little more pronounced in mainland Europe with the DAX and the Paris CAC 40 both falling 0.3% to close at 12,052 points and 5012 points respectively.

The oil price continues to hover in the vicinity of US$48 per barrel with last week’s negative supply demand data seemingly now absorbed.

Gold continues to find support, although it traded in a tight range last night before closing at US$1234 per ounce.

On the commodities front, iron ore came off nearly 1% to close at US$91.50 per tonne.

While all base metals lost ground, no significant declines were posted.

The Australian dollar continues to hang onto last week’s gains, hovering in the vicinity of US$0.77.

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