Spreadex Market Update
Sluggish start from European indices despite 8 month high for Brent Crude
Slipping by half a percent the FTSE once again fell away from 6300 as the European session began, the index dragged down by chunky losses for the likes of Vodafone, Johnson Matthey and Berkeley Group Holdings. Matters weren’t helped by last night’s Chinese inflation figure, which unexpectedly fell to a 3 month low of 2.0%, something that has arguably muted the impact of Brent Crude’s latest rise on the commodity sector. Still to come is the UK goods trade deficit figure, which is forecast to have struck slightly from £11.2 billion to £11.1 billion, potentially its best reading in 3 months.
Following on from yesterday’s fall the DAX and CAC dropped 0.6% apiece this Thursday, despite a generally solid smattering of data. The German trade balance jumped to €24 billion, its highest point since before the financial crisis, while the French non-farm payroll figure was revised up to 0.3%, the best reading in 5 years.
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