Spreadex Market Update
Mixed morning for Eurozone growth fails to mitigate market misery
The main focus this morning was on Eurozone GDP; whilst both the French and German third quarter figures came in at 0.3% that doesn’t tell the whole story. For France that is a huge improvement from the stagnant 0.0% seen in the second quarter; for Germany, however, that 0.3% is a drop down from 0.4% in Q2 and comes as the latest in an increasingly long line of miserable data from the country. Not that investors paid too much attention to the nuances of each figure this morning, instead sending the DAX and the CAC down by 50 and 25 points respectively. Still to come is the Eurozone’s GDP figure; forecast at 0.4%, and already with the last quarter revised up to that same level, the region may suffer from that unexpected German slowdown.
The FTSE, which had already failed to join in with the healthy growth seen as recent as last week, was punished yesterday afternoon as copper hit fresh 6 year lows, causing major blood loss in the commodity sector as a whole. And with only a few mining stocks escaping the latest wash of red this morning the index fell by nearly 50 points at the open, leaving the FTSE at its worst price since the start of October. It didn’t help that Rolls-Royce resumed its decline as Friday got underway, wiping another 3% off its value following Thursday’s calamitous 19% cliff dive, causing the stock to hit a 5 and a half year nadir in the process.
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