Spreadex Market Update
Dismal US services data fails to deter daring investors
Both the Markit final services PMI, at 55.1 against the 55.7 forecast, and the ISM non-manufacturing PMI, falling to 56.9 from last month’s 59.0, saw America join Europe in its morning services slowdown, a fact that barely seemed to register with investors.
That is perhaps due to the fairly healthy hiring figures contained within those services PMIs; or, maybe, due to the news that the Trans-Pacific Partnership pact has finally been reached (if not ratified). Or, more likely, the markets are merely continuing the Friday surge that took hold once the dust on that noxious non-farm jobs report settled, a surge that seems to have appeared, like remembering that your broken leg gets you out of a work do you don’t want to go to, because of the rate-hike delaying nature of the USA’s limp data.
With a healthy US open, then, allowing the Dow Jones to jump by 200 points, the European markets could continue the run that began this morning. That meant the FTSE (now at levels not seen since the middle of the Chinese chaos of August) and CAC could grow by nearly 170 points each, whilst the DAX, stretching its legs in a way only the German index truly can, leapt around 300 points.
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