Spreadex Market Update
Europe edges higher as Asia tumbles
The Shanghai composite fell 168 points to 3018, with the rest of Asia also struggling. Weak inflation data also weighed on investor’s mind, consumer inflation edged up 0.1% to 1.6% but factory gate prices continued to fall for the 46thconsecutive month, falling a further 5.9%.
Europe opened down, with China being the primary driver. However, markets began to recover as investors went bargain hunting, looking to pick up some cheap stocks.
UK prime minister David Cameron calmed fears of a Brexit as he insisted that this would not be the “right answer” and claimed he was close to a renegotiation deal. He also refused to rule out applying restrictions on in-work benefits for young British workers in an effort to prevent the “almost unnatural draw” for European migrants.
With regards to individual stocks, BAE Systems and Thales were given an “overweight” outlook from J.P Morgan with rising geo-political tensions likely to result in a very good year for European defence stocks.
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