Spreadex Market Update
Eurozone ignores Chinese data but UK mining stocks cause FTSE to lag behind
That unexpected (well, not really) slump in Chinese industrial production hasn’t doing the UK’s mining stocks any favours. And with its commodity stocks in general clogging up the morning’s losers list the FTSE is straggling behind its Eurozone peers, flip-flopping between mild losses and even milder gains as investors try (and fail) to search for some sense of firm direction.
The DAX, on the other hand, is leading the charge on the continent, up by around 80 points to a fresh one month high, approaching 10200 for the first time since the Volkswagen scandal left the German index in the gutter across September. With the rest of the region similarly buoyant, investors seem keen to continue the exuberant trading that reappeared at the end of the last week, perhaps boosted by hopes of more ECB QE following the Eurozone’s negative inflation figure (and despite members of the central bank seemingly confirming its stimulus programme will remain unchanged this week).
Looking ahead to the US open and the Dow futures are more FTSE than DAX, with a 20 point drop expected when the bell rings on Wall Street. Beyond third quarter earnings releases from the likes of Morgan Stanley, Halliburton and Hasbro (among many others) the US has little to offer this afternoon, with only speeches from FOMC governor Lael Brainard and the Fed’s resident super-hawk Jeffrey Lacker to come.
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