Spreadex Market Update
Oil and Vodafone lead FTSE higher ahead of latest inflation reading
Having struggled to gain momentum for much of Monday the FTSE is finally reacting to oil’s resurgent in the way one would expect, jumping just shy of a percent to graze 6200. Of course the main thrust of the index’s growth remains its perky commodity sector, itself buoyed by the fact that Brent Crude is one final push away from reaching $50 per barrel for the first time since last November. The oil and mining stocks weren’t alone in their gains, however; Vodafone jumped nearly 2.5% this morning as it revealed a 2.3% rise in full year revenue to £41 billion alongside a 2.3% increase in EBITDA to £11.6 billion.
Yet the FTSE’s Tuesday excitement doesn’t end there. Still to come are the latest inflation figures and having hit its highest level in over a year, arguably thanks to the pound-dragging effects of the looming EU referendum, analysts are expected little change this month. That would leave the reading at 0.5%, with cable already excited at the prospect, the currency pairing nearing a fortnight-high after jumping above the $1.45 mark.
Wading back into the market mix this morning was the DAX, the German index gaining 130 points after the bell as it plays catch up after missing yesterday’s new found oil-optimism. In terms of the Eurozone’s Tuesday the day will be dominated by the region-wide trade balance figures, which is expected to edge up to a 10 month high of €23.1 billion.
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