Spreadex Market Update
European indices hit variety of lows as FTSE and DAX continue to fall
With nothing on offer the FTSE had little choice but to focus on Brent Crude’s retreat (the black stuff back down to $51.50 per barrel) and the increasing uncertainty surrounding the EU referendum at the end of the month (the pound dropping another 0.4% against the dollar). This meant the UK index fell nearly 1% after the bell, causing it to slip below 6200 for the first time since the start of June. Of course it hasn’t helped that the commodities seemed to have over-exerted themselves at the start of the week, the oil and mining sectors spending Thursday and now Friday morning losing a big chunk of the ground they gained between Monday and Wednesday.
The Eurozone indices have seen an even more dramatic drop this week. The DAX, which had briefly pushed beyond 10300 on Tuesday, plunged below 10000 as the morning got underway, while the CAC is now nearing 4350, a price not seen since May 24th. Just as it was on Thursday this decline saw the indices some promising data out of the Eurozone; German inflation was confirmed to have climbed out of negative territory last month, with the French industrial production reading hitting a 3 month high.
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