Spreadex Market Update
Eurozone growth grumbles leave markets in the red ahead of US retail afternoon
Joining a decent French figure and sliding Germany growth were misses by Italy and the Netherlands. Even worse were the performances from Portugal and Finland; the former, so often pointed to as one of the region’s post-crisis success stories, saw no growth at all in the third quarter, whilst the latter, increasingly becoming one of the Eurozone’s most rotten appendages, actually saw its GDP contract by 0.6%. Given region’s general malaise, the Eurozone as a whole was arguably lucky only to see a 0.1% decline quarter-on-quarter, with its Q3 figure coming in at a forecast-missing 0.3%. Understandably investors weren’t too pleased with these results, meaning even the spectre of more ECB QE (the likelihood of which only increased with this morning’s figures) couldn’t drag the DAX and CAC out of the red.
A typically erratic and loss-filled morning from its oil and mining stocks meant the FTSE couldn’t shake its 50 point loss this Friday. The appearance of losses for Pearson, Johnson Matthey and its Big Pharma stocks, alongside the already falling Rolls-Royce and an unexpectedly negative construction output figure, likely didn’t help, ensuring the FTSE remained at its 6 week lows.
After falling nearly 250 points yesterday evening the Dow Jones isn’t looking in the best of shape, especially since last week it was a mere 20 points away from hitting 18000 for the first time since July. Currently down by around 20 points the index could still see plenty of movement this afternoon as the hawks and doves fight it out on a retail sales and consumer sentiment-based battleground. Improvements are expected in both sets of figures, something that may only exacerbate what has been a pretty dismal week for the US markets.
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