Spreadex Market Update
Muddled morning from Europe as markets nervously flit between losses and gains
Striving to re-cross the 5700 mark this morning, and sporadically managing its goal, the FTSE is having to face the triple whammy pressures of a red-stained commodity sector, the lingering bearishness left over from last night’s disastrous session for the Nikkei (which has caused Japan’s bonds to go negative for the first time in the country’s history) AND the announcement of an all-time high trade gap of £125 billion in 2015. The only thing on the UK index’s side at the moment is Brent Crude, which has risen around 1.5% to touch $33.50 per barrel, though the black stuff’s latest minor recovery has frustratingly had little effect on the UK oil stocks.
The Eurozone has struggled more than the FTSE this Tuesday, both the DAX and CAC just about bouncing back from their earlier lows. The German index has been dancing around the 9000 mark, trying to escape its 16 month lows in the process, but faces an uphill battle, especially with Deutsche Bank’s initial rebound dissipating as the morning continued.
Things are looking just as confused for the US markets ahead of this afternoon’s open, the Dow Jones facing around a 20 point drop when the bell rings on Wall Street. Yet that does leave the index above 16000, with the (very slight) potential to turn green if the JOLTS job openings figure, expected at 5.41 million against 5.43 million last week, can throw up a positive surprise.
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