Spreadex Market Update
Brexit chatter continues to dominate as FTSE pushes ahead with commodity-driven rise
Despite the increased uncertainty surrounding the EU referendum at the end of the month, with more and more polls showing Vote Leave with a narrow lead following weeks of solid support for Vote Remain, the FTSE ploughed ahead with a somewhat remarkable 1% rise this Monday. It appears that the weakened pound (which has lost around 2% in value in the last 2 weeks) is supporting the FTSE’s run, as are the huge gains seen by the likes of Anglo American (which has risen over 9%) and Rio Tinto (up 6%) over in the commodity sector.
The Eurozone indices weren’t quite as bullish as the FTSE this morning, the DAX and CAC settling for a far more muted (and arguably more reasonable) 0.2% rise apiece. The indices were likely hampered by the huge gains made by the euro against the pound as Monday progressed, adding another complication to the market’s reaction to the latest Brexit dispatches.
Like its Eurozone peers the Dow Jones is looking far more reticent than the FTSE this Monday, the futures pointing to a mild 0.1% jump after the bell. With little data on the cards this afternoon the US-focus this Monday will be on Janet Yellen, who speaks at a World Affairs Council luncheon in Philadelphia later in the day. Interestingly, however, investors may now not be looking for hints surrounding a rate hike, but rather an explanation for last Friday’s worryingly weak non-farms payroll.
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