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PRE-MARKET PODCAST – FRIDAY

Low-volume night in the US dominated by Powell’s testimony (see below) which was seen as a little less hawkish. The Fed remains data dependent (seen as a positive). Tech stocks led with the NASDAQ up 1.18% and the other markets flat. The Dow Jones finished down 5 points (-0.01%) at worst down 116 points. The Bank of England raised rates by 50bp, more than expected, although the UK market (FTSE) only fell 0.76%. The odds of a Fed rate rise at the next meeting on July 26th rose from 74.4% to 76.9%. Weekly jobless numbers hit a 20 month high and the Leading Economic Index fell for the 14th time on the trot. The energy sector was the worst-performing sector on the back of a 4% fall in the oil price.

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