Spreadex Market Update
Bullish sentiment remains as the New Year finally heats up
As oil tentatively stabilised near $51 per barrel, its apparent support level for now, the FTSE could put its energy-sector woes behind it this Thursday, and allow its supermarkets to help it achieve near 2% gains. The positive reaction from investors to the heavy price cuts pledged by Asda yesterday and Tesco today meant that the sector as a whole saw serious share price growth. And despite the lack of the surprise at the move, the Bank of England’s decision not to change interest rates saw a bump for the FTSE, reflecting the good mood of the markets. Combine this with the overall bullish sentiment left over from the US Fed last night and a stable Eurozone this morning, and the FTSE on its way to a great end to the first full week of 2015 trading.
The USA saw unemployment claims fall by 4k month on month, providing yet another sign that the non-farm employment change figures on Friday should bring more good news for the US markets. As Europe continued to coast on a combination of US health and QE hope, the Dow Jones opened higher as Thursday saw the markets finally look in good health. With the aforementioned non-farm figures coming tomorrow, the Dow could see another move towards regaining its 18000 level if this data comes in green.
Despite low consumer confidence, a better than expected retail sales announcement helped continue the Eurozone’s astonishing 48 hours, as many of the indices were up over 2% as the day went on. Unfortunately for the euro this spelt more bad news, as the currency began to sink to its 1999 starting point. The Eurozone seems to have taken the ever-increasing chance of ECB QE to heart and continues to ride on the back of hope rather than anything concrete stemming from the region.
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