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In the last four weeks the FTSE 100 has gone precisely nowhere. At the end of the week ending 18 June, and just before the original date the UK economy was supposed to unlock, it closed at 7,008. Last Friday, as we get set for today’s supposed Freedom Day unlocking, the FTSE 100 closed at 7,008.
In Europe the picture isn’t that much different, with the DAX a little bit higher, and the CAC 40 a little bit lower. Back in June the markets were absorbing a surprise change of tack from the Federal Reserve, with some members of the FOMC being slightly more vocal about the prospects of tapering as well as rate hikes. Fast forward four weeks and not much has changed, although some central banks have started to lean in a similar direction, as last week the RBNZ and Bank of Canada announced the beginning of the end of their own asset purchase programmes.
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