Spreadex Market Update
Markets edge into the green on quiet Friday morning; SABMiller buys Meantime
A rocky Thursday morning eventually gave to way decent gains for the FTSE, which looks set to cross 7000 for the first time since Tuesday at some point after the bell. The UK index is being aided by a mining sector that is continuing to recover from yesterday morning’s Vedanta-inspired losses. With only construction output data to come later in the morning, the FTSE’s Friday performance will likely be dictated by the fortunes of the volatile Eurozone throughout the morning and the strength of the US open this afternoon.
After beating its earnings expectations earlier in the week, SABMiller announced its plans to purchase small craft beer brewer Meantime this morning, a company whose sales grew by 58% in 2014. The move makes sense for both companies: for SAB, Meantime allows the world’s second largest brewer to borrow the current cultural cachet craft beers carry whilst adding another premium ale string to its beer bow in the shape of Meantime’s London Pale Ale; for Meantime, SAB will allow the Greenwich-based brewer to expand more robustly into Europe. This news clearly pleased investors as SABMiller jumped up over half a percent after the bell.
The Eurozone got off on the right foot this morning, just, as the region tentatively edged into the green. With the S&P hitting a record high, and ECB President Mario Draghi reaffirming that the region’s QE programme will continue until the 2% inflation target is reached whilst heartily defending the central bank’s stimulus plan, the atmosphere around the Eurozone was slightly more positive than it has been in the past few mornings. Yet with a sparse economic calendar, the region looks set to be left to its own devices this Friday, something that hasn’t been a recipe for stability in the last couple of days.
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