Spreadex Market Update
Dow Jones piles on misery as FTSE and DAX see losses accelerate at alarming pace
While not quite as alarming as those losses in Europe the US open nevertheless didn’t help matters this afternoon, the Dow Jones dropping nearly 1% after the bell rang on Wall Street. It made no different that the UoM consumer sentiment figure, at 94.3 against the 94.1 forecast, was a tad better than expected (especially since it still fell month-on-month), the index now having effectively lost all of the growth it managed mid-week.
The Eurozone remained the source of the ugliest losses this Friday. The DAX dove 2.4% (i.e. 240 points), and is only 50 points or so away from being at lows not seen since the start of April. The CAC didn’t fare any better, dropping 100 points to deepen the 2 and a half week nadir it struck earlier in the day.
The FTSE, meanwhile, saw its decline approach the 2% mark, the index now a mere 15 points above 6100. The commodity and banking sectors continue to provide the thrust of the UK index’s losses this Friday, reacting to Brent Crude’s retreat (the black stuff back below $51 per barrel) and increased fears of a Brexit respectively.
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