Spreadex Market Update
Semblance of calm returns for first day of China-free trading
After closing with some mild gains on Wednesday, the FTSE opened up around 60 points this morning, boosted by a wave of green in its oil and commodity stocks (even if Brent Crude is already flirting with losses as it tries to hold onto the $50 per barrel level). In terms of data, the UK reveals its latest services PMI, which is expected to see a mild improvement on last month’s 57.4 (itself a miss on the 58.1 expected). It will be interesting to see how responsive investors are to today’s numbers given that, beyond headline figures from the US, for the past few weeks European data has come and gone with little fanfare due to the markets’ Chinese blinkers.
With the DAX and CAC posting their own sturdy gains the Eurozone receives a services data dump this Thursday. The region will be hoping for a better performance from the services PMIs (with Spain already beating expectations) than the dismal manufacturing figures released on Tuesday, figures which only served to highlight the disparity between Germany and the rest of the monetary union’s members.
Once the services PMIs are done and dusted focus will turn to today’s ECB conference, which could bring the with it some slashed inflation forecasts and may lead to questions over how far the Draghi and co. are willing to extend QE to ensure their (increasingly distant) targets are met. And whilst Draghi won’t be bombarded with as many questions on Greece as has been the norm for the past few months, there will likely be a few queries over whether a) the ECB is worried about the impending (and increasingly tight) election destabilising the recent deal, and b) when capital controls in Greece will finally be lifted.
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