Spreadex Market Update
Sleepy morning as investors eye Easter weekend
The FTSE held onto its marginal growth, just, despite a disappointing construction figure spoiling some of the good will created by yesterday’s manufacturing 8-month high. The UK index would have been someway helped by Marks & Spencer hitting a 7 year high off of its positive, if not quite blockbuster, sales figure news. Yet with one eye on the a 4-day weekend, and the other eye on the crowded podium of tonight’s 7-way debate, a good microcosm for the fractured election campaign so far, the FTSE is being hemmed in by a mixture of complacency and uncertainty as the week comes to an abbreviated close.
The Eurozone largely spent the morning on the negative side of flat, with little to distract investors from the stagnation in the Greek-debt issue. The region’s finance ministers appear to have greeted Greece’s latest reforms proposal with a testy shrug as the country once again failed to reach the meet the demands of its exasperated creditors. Like the UK election for the FTSE, the lack of Greek resolution is providing a dour backdrop for Eurozone trading, causing a generally negative trend when there isn’t any other news to boost the region.
The US futures currently are showing no signs of turning around the two days of declines that have plagued the Dow Jones et al. A deal with Iran, despite some murmurs of progress, remains elusive, and is providing a similar negative tone for US trading as Greece is for the Eurozone and the election is for the FTSE. Yet unlike in those areas, the US has some juice left in its tank this Thursday in regards economic figures; strong results from unemployment claims or factory orders have the potential to give the US markets a much needed boost. More interesting is the fact that Janet Yellen is speaking in Washington this afternoon; whilst the speech is ceremonial, any mention of interest rates, be it hawkish or dovish, is likely to be noted by investors.
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