Spreadex Market Update
Markets turn ugly as commodity sector sell-off intensifies
Now down around 4.5% and threatening to fall below $32 per barrel, the resumption of Brent Crude’s decline has been the main catalyst for the day’s dismal trading. And as ever, when the commodities begin to fall the FTSE loses its way in pretty dramatic fashion, the UK index dropping a whopping 150 points as the day went on. The main casualty was BP; plunging by nearly 10% the oil has lost wave upon wave of investors this Tuesday following the revelation of its worst annual losses for 20 years.
Whilst the DAX was prevented from posting the kind of absurd losses it is known for thanks to a record low German unemployment rate figure, the CAC was right up there with its UK peer this afternoon, falling around 2.6% as the day wore on. Over in the US, meanwhile, the Dow Jones quickly sank by 250-ish points after the bell rang on Wall Street, exactly what the markets didn’t need following such an awful morning in Europe.
The lack of truly significant data likely exacerbated today’s losses, investors left with little other option but to focus on the same fears that have caused the markets to start 2016 in such dire fashion. Tomorrow, then, maybe slightly better, with a cavalcade of services figures around the globe set to distract the markets (however briefly or successfully is unclear) from their current malaise.
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