Spreadex Market Update
Quiet Friday morning sees Eurozone GDP data disappoint
This merely served to compound the current lack of appetite for risk and caused the DAX and CAC to lose their tentative gains in the process. That could change this afternoon, however, dependent on how swift, and successful, the Eurogroup meeting is. The finance ministers are all on their way to Brussels, so sooner rather than later news should start leaking out about the sentiment of the group. Whether or not the group signs off on the deal will likely be determined by how hard Wolfgang Schauble pushes to use the bridging loan contingency plan instead, with Germany remaining sceptical of the current bailout conditions.
The FTSE gave up the meagre gains it was toying after the open, despite a fairly robust rebound from its key mining stocks. The index wasn’t helped by its oil stocks, which remain in the doldrums as Brent Crude struggles to break $50 per barrel once again, contributing to the lack of interest surrounding the FTSE this Friday morning.
The US open will, hopefully, bring with it a bit more excitement, with a bundle of fairly rate hike relevant data for investors’ amusement this afternoon. The PPI and core PPI figures are both expected to slip (ahead of the increasingly important inflation data next Wednesday), whilst industrial production is set to stagnant. Perhaps most importantly, however, analysts are forecasting a slight increase in the UoM consumer sentiment number. Interestingly in four of the last five months the consumer sentiment figure has seen an upward revision, something that bodes well for July’s disappointing number.
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