Spreadex Market Update
Gradual gains for European markets, Empire State manufacturing index to come
As Brent Crude edges towards the $45 per barrel mark the UK’s oil stocks helped lift the FTSE by around 15 point this morning. The UK index would be higher, however, if it wasn’t for the mining sector; a 1% fall by copper has seen the nascent growth displayed by the likes of Vedanta Resources, KAZ Minerals and Glencore disappear, even if Rio Tinto and Anglo American have managed to hold onto their gains.
A better than expected region-wide inflation figure, returning to 0.1% after two months of contraction and stagnation, saw the Eurozone indices edge into the green, with the DAX leading the pack with a 40 point jump. The CAC, understandably, could only manage a 5 point increase; that it has managed any kind of growth, however, is remarkable in and of itself.
Looking to the US open and the Dow Jones, up around 25 points, is broadly in the same state as its European cousins. The final piece of notable data comes out of America this afternoon, with the release of the Empire State manufacturing index. The past 3 months have seen double-digit negatives for the manufacturing index; however, if it can shrink to an expected -5.3 from the -11.4 posted in October the Fed can arguably add the number to its growing file of hawkish facts and figures it is compiling ahead of December’s meeting.
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