// COMPARE

Dow barely moved, adding just 12 points to 49,609. Old-economy names lagged as money rotated hard into growth and semis.

The Dow's flatness while Nasdaq surges 2.35% signals a classic rotation. Industrials and financials need rate-cut clarity that CPI data could provide.

50,000 psychological level remains the target. Needs breadth expansion from industrials and financials — unlikely without softer inflation data.

Cable gained 45 pips to 1.3601, supported by broad dollar weakness and solid UK services PMI data last week.

BoE rate path divergence from the Fed is widening — UK inflation persistence keeps the BoE on hold while Fed signals cuts. Sterling benefits.

UK employment data Wednesday 09:00 TRT. Rising wages would reinforce BoE hawkishness and push cable toward 1.3700.