Spreadex Market Update
New month same as the old month as weak Chinese data weighs on sentiment
Weak manufacturing and services PMIs from both the official figures and the Caixin surveys shows the Chinese slowdown is showing no signs of, well, slowing down. This ate into the Shanghai Composite (though, it must be said, in a much milder way than has been seen at times in the past month) and spoilt the idea of a fresh start at the beginning of this new month.
The manufacturing situation in the Eurozone and UK is expected to be a bit perkier than it is in China, though at the moment the markets are much more preoccupied with the goings on in the world’s second largest economy than issues closer to home. The DAX and the CAC are among the morning’s biggest losers, with the former already in 3 digit decline territory and in danger of dipping below 10000 for this first time since last Wednesday if its losses widen (something it has already flirted with in the pre-market).
The FTSE is currently avoiding the much more notable declines its European cousins are seeing, even if the index is looking increasingly more pallid as the morning continues. The reason behind the UK index’s lesser losses is likely due to with the oil situation; whilst Brent Crude has dipped a bit this morning, it hasn’t fallen drastically below the highs it saw on Monday following its most recent super-surge. It means that Shell (just), Tullow Oil and Premier Oil are keeping the FTSE from the more drastic losses on the continent, even if its mining stocks are looking less than fresh this Tuesday morning.
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