Dow - 25,324.99, - 617.38 (-2.38%)
NASDAQ - 7,647.02, -269.92 (-3.41%)
FTSE (as at 10:03) - 7,211.76, +48.08 (+0.66%)
Well I switched on this morning expecting a bloodbath after hearing that the US markets had fallen following further ratcheting up of tariffs on US and Chinese goods.
Bizarre then to see the FTSE up in positive territory and most of my watchlist green (what remains of it anyway after the Digitallook decimation).
Of course, there was a continuing, and growing impact to Apple which fell a further -$11.46 (-5.81%), to $185.72 as the huge Chinese market is seen as a key frontier to Apple.
After the company's second quarter report seemed to re-assure markets that it had sufficiently stabilised things after the shock of a profit warning in its previous reporting, the share price had staged a recovery back up to around $212.
Growth and profits really cannot continue on an increasing trajectory, without some form of re-calibration.
Strange times indeed, or should that be "strained" given the pressures on global trading relations. In a generation that has seen companies seemingly span the globe making billions, we are now being reminded what the underlying web of tariffs that countries and governments have in place.
On another front is the UK's Brexit debacle and future trading relationship with Europe. I'm not even sure why this is up for debate given the promotion of free trade by the EU.
It complained to the WTO following US tariffs increases on EU imports why then are we even having a debate on its future trading relationship with the UK, as it should remain as open and tariff free as possible given the regularity and frequency (steering clear of the word dependency), that has become standard practice and custom.
The fact that the UK has said "no more" to the need for an increasing sovereign state Bloc control of Europe (in my mind at least), this shouldn't be an obstacle to trade.
Anyway, strange and strained times indeed.
