Spreadex Market Update
Brent Crude leads FTSE higher ahead of European services deluge
The FTSE was the brightest spark this morning, rising over half a percent as Brent Crude climbed above $50 per barrel despite another display of OPEC’s ineffectiveness on Thursday. The perkiness of its commodity sector seemed to be the main driver of growth this Friday, though investors might also be hopeful of a decent services PMI later in the morning. Analysts are expecting May’s figure to creep higher to 52.5, from 52.3 in April; while that is a way away from the 53.7 struck in March it would still see the UK services sector outstrip its manufacturing and construction counterparts.
Like the FTSE the Eurozone indices are dealing with a services deluge this morning, the prospect of which has left the DAX and CAC far more muted than their UK peer, each rising a mere 0.1%. Spain has already missed analysts’ estimates (though did improve month-on-month), with Italy set to see a mild improvement to 52.3 from 52.1. Germany and France, meanwhile, are set to see their earlier readings unchanged at 55.2 and 51.8 respectively, leaving the region-wide figure at 53.1.
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