Spreadex Market Update
Early optimism sees European markets open strongly
This morning saw a strong start for the FTSE (up 0.3%) and the DAX (up 0.8%) as well as all of the other major European markets.
Strong services PMI figures for Spain, Italy, France and Germany point to a growth in the European markets. Actual Spanish unemployment figures were much improved compared with the forecast figures (-129k vs -78k), this along with a strong showing from Macron in yesterday’s French TV debate has only shown good news for European investors waking up this morning.
It is also the first time for 7 years that we are seeing positive forecasts in May, where a downgrading has been the norm around this time of the year. This is partly down to the positive consensus across not only the commodity and financial sectors, but cyclicals and defensives as well.
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