Spreadex Market Update
Markets hit variety of highs as post-FOMC meeting minute surge continues
The Eurozone was the sight of the biggest gains; now up by 180 points, the DAX has reached prices not seen since the eve of August’s China-crisis. The CAC hasn’t been quite as robust with its growth, but nevertheless is still only 50 points away from its landmark 5000 level. The region as a whole was lifted by comments from the ECB’s Peter Praet, with the chief economist’s confirmation of prevailing downside risks in the Eurozone hinting to investors that another quantitative easing injection could be on its way.
A disappointing, but year-on-year trend-matching, fall in October retail sales couldn’t deter the FTSE this Thursday, which widened its gains to a 75 point jump as its commodity stocks remained firmly in the green. That leaves the UK index at its best price for 10 days, and only 40 points away from the 6400 level it couldn’t breach across the majority of last month.
Looking to the US, the predominant source of today’s good will, and the Dow Jones is expected to open around 50 points higher this afternoon. In terms of data, the day’s jobless claims (forecast at 272k against 276k last week) and Philly Fed manufacturing index (seeking its first positive figure since August) will test the somewhat unusual (i.e. positive) reaction to yesterday’s overtly hawkish FOMC meeting minutes.
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