Spreadex Market Update
Déjà vu as China and commodities weigh on Europeans markets at the open
A staggering 8.7% and 6.8% drop in Chinese imports and exports for the month of November caused the Shanghai Composite to fall to fresh 3 week lows during the Asian session. Barring the Asian indices themselves the miners appeared to be the worst hit by this latest piece of dreary data, the likes of Rio Tinto and BHP Billiton plunging to 6 and 10 year nadirs respectively.
Obviously this wasn’t good news for the FTSE, which veered between rouge-flatness and minor losses after the bell. The only thing preventing the UK index from having an even worse morning is Brent Crude’s minor rebound (bear in mind, that’s a rebound from fresh 7 year lows) and the subsequent (if minor) gains posted by some of its oil stocks. The FTSE still has some figures of its own to mull over this morning; manufacturing production is expected at -0.1% against last month’s 0.8%, whilst its industrial counterpart is forecast to rise, from -0.2 to 0.0%. Hardly inspiring stuff; in fact, figures like that might just make the current commodity situation worse.
The Eurozone couldn’t escape the China/commodity conundrum this morning, the DAX and CAC falling by around 10 and 5 points respectively. The latter was hurt by an unexpectedly widened French trade deficit, growing from €3.6 billion to €4.6 billion month-on-month. Still to come is the region-wide revised GDP figure, expected to remain unchanged at 0.3%.
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