Global equities remain ebullient after the the Dow passed 20,000 yesterday. Government bonds remain under pressure while the dollar is not behaving as if it is fully believing all the hype of the "Trump trade".
produced by Alessia Giustiniano. Filmed by Rod Fitzgerald.
JAMIE CHISHOLM: Welcome to the FT Market Minute. Here's what we're watching in London on Thursday morning. Well, wow, Dow $20,000, but what now?
Global markets are in chipper mood after Wall Street surged to fresh records, including that big fat figure for the Dow Jones Industrial Average. Can the rally continue, or will the Trump trade fade, as the equity milestone serves only to show how far and how fast we've got to where we are. We shall see.
In the meantime, Asian [INAUDIBLE] had a good session. Their gains in China were muted ahead of the week long lunar new year holiday. And European stocks are up, as banks and tech shares do well.
US futures suggest the Dow and S&P will even, again, slightly extend their gains. Government bonds are under pressure. And German [INAUDIBLE] yield are brushing 50 basis points as the reflation trade takes its toll. The dollar, however, has broken ranks with the Trump trade, and again is softer on the day. It's fair to say most analysts are not sure why. Cable in particular is taking advantage, hitting a near three month high above 126, as UK Prime Minister Theresa May prepares to meet President Trump.