Spreadex Market Update
Kazakhstan-inspired copper rebound boosts mining stocks; US jobless claims in spotlight this afternoon
With copper rebounding to $2.30 per pound and the Kazakhstani tenge devaluation continuing to spur on gains not only for KAZ Minerals, but Lonmin, Rio Tinto and Anglo American as well, the FTSE managed to lift away from the day’s lows. Not to say the UK index has escaped its 7 month nadir, but merely that it has lessened the chance of it hitting a fresh 2015 low, if only for today. The index wasn’t helped by the UK’s retail sales, which missed expectations to come in at 0.1%; this miss also caused the pound to take a beating, giving up much of the ground it had made up after the inflation surprise on Tuesday.
The Eurozone indices fared a bit worse than the FTSE this morning, with the DAX teetering on the edge of 3 digit losses and the CAC posting its own 1% decline. This despite the fact that Greece paid back the ECB on time, an event that would have once caused indices-wide jubilation; oh what a fickle mistress the market is.
After last night’s FOMC meeting minutes failed to provide much clarity on the rate hike situation, the US jobless claims, joined by the Philly Fed manufacturing index, will be the main focus of this afternoon. Those meeting minutes saw the Fed express fears over the China slowdown and lifeless US inflation; worryingly, these minutes were from before the market-rocking yuan devaluation AND Wednesday’s weak CPI figures. Once again this has left investors and analysts’ alike scratching their heads over the likelihood of a September lift-off, something that had previously looked so certain across the last 6 weeks.
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