- UK consumer spending dips
- Market divergence continues with tech under pressure in the US but some indices hitting new highs
- Companies: ITV looks to ads recovery, Ultra Electronics' record order book, Domino's launches share buy back, TP Icap
- Oil price remains volatile
Market Outlook: European markets follow US higher but tech remains under pressure
European stock markets and the Dow Jones rallied though tech weighed on the S&P 500 as the sell-off in growth and momentum continued. The DAX in Frankfurt rallied over 3 per cent to mark a new record high, whilst the Dow Jones climbed 300pts to a record high 31,800. The Nasdaq composite declined 2.4 per cent and the NDX 100 was off almost 3 per cent. Tesla declined another 6 per cent almost to $563, whilst Apple fell over 4 per cent to $116. A record high for the Dow just as the Nasdaq enters correction territory: We’ve not seen such a divergence between the industrials and growth in a long time. The S&P 500 is caught somewhere in the middle, though the weighting of the tech names (the 5 FAANGs were worth about a quarter of the market until recently).