Spreadex Market Update
Non-farm negatives continue to resonate as Dow Jones sees 3 digit drop at US open
First things first; with the aftershock of last week’s genuinely impressive non-farm jobs report carrying over across the weekend the Dow Jones didn’t have much chance for a strong start to the day. Falling over 150 points after the bell, the Dow effectively wiped out last week’s gains in one fell swoop this afternoon, with markets still struggling to price in what is an increasingly likely December rate-hike, something only exacerbated by the OECD slashing global growth forecasts earlier in the day (even if the US came out of the report better than most).
There was a flood of familiar faces in the Eurozone afternoon, with Pierre Moscovici, Jeroen Dijsselbloem and Wolfgang Schauble dusting off their Greek hats to provide comments on the latest flare-up between the country and its creditors. Effectively guaranteeing that Greece doesn’t receive the originally time-tabled €2 billion tranche today, Dijsselbloem stated that the ‘green light’ from the country’s reform-requiring institutions, a green light that would signify the previously stated measures have been implemented, still hasn’t been received. Add onto this situation the energy-sapping US open, and the DAX and CAC widened their losses to 90 and 40 points respectively.
The FTSE, meanwhile, remained the session’s best performing index, even if that performance switched from a 20 point jump to a 40 point drop as the day went on. On top of the extra dollop of market malaise introduced with the US open, creeping losses for the likes of Antofagasta, Vedanta Resources, Lonmin and Glencore meant that the steady commodity foundation that had been preventing the index from falling into the red gradually began to dissipate.
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