Spreadex Market Update
US markets lost post-FOMC meeting minutes lustre after the bell
At points the Dow futures suggested a 70 point jump at the open; in reality the index could barely manage to move at all, the wind being taken out of its sails by the latest selection of US data. Better than forecast showings from Thursday’s jobless claims (coming in at 271k against 276k last week) and the Philly Fed manufacturing index (edging into positive territory for the first time since August) appeared, in contrast to investors supposed new certainty-loving stance in relation to any impending rate hike, knock the Dow off its FOMC-charged perch this afternoon. It seems that, whilst investors may well be readying themselves for a December rate-hike, they aren’t completely on board just yet.
Whilst the US markets floundered the European indices largely kept hold of their morning growth. Falling away slight from its 70 point-highs due to creeping losses for Brent Crude, the FTSE still managed to jump by around 45 points as the day went on, thanks to a loss-free (for once) mining sector.
The Eurozone was slightly more mixed; the DAX may have abandoned its 180 points intraday peak, but its current 120 increase still effectively leaves the German index at fresh 3 and a half month highs. The CAC was slightly less resilient as the day wore on, gradually losing its lustre to become flat at around 4910.
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