Spreadex Market Update
Limp US retail sales ensure flaccid open from Dow; markets prepare for super-stuffed Fed statement/budget/UK jobs report Wednesday
Recovering from an initial 100 point fall the Dow Jones still couldn’t manage to climb into the green this Tuesday, falling around 20 points as the afternoon went on. Retail sales were the main focus of investors’ ire; despite the core figure arriving at a better than expected -0.1% (compared to the -0.2% forecast) that still is a comedown from last month’s 0.1%. The core PPI figure was similarly disappointing, dropping back to 0.0% after 3 months of growth. There was a one bit of good news, however; the Empire State manufacturing index crept into positive territory for the first time in 7 months, at 0.6 against the 10.3 forecast.
The mixed picture painted by Tuesday’s data gives extra credence to the idea that tomorrow’s Fed statement will be a bit of a damp squib, something unlikely to be changed by an expected negative inflation figure on Wednesday afternoon.
Over in Europe there was little change from the FTSE, a consistent, if reduced. 2.5% fall from Brent Crude leaving the UK index with a 30 point drop as the day went on. Whilst Wednesday’s Fed meeting will hog a lot of the headlines, the UK is also putting a shift in, revealing not only the latest jobs report, but George Osborne’s 8th annual budget as well.
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