Spreadex Market Update
Muted trading as Mario Draghi speaks in Frankfurt
After flirting with growth at the open the FTSE soon felt flat this Friday, with struggling oil stocks and a thoroughly mixed mining sector (caught between solid gains for Rio Tinto and Anglo American and a huge, 85% drop for Lonmin after announcing a £266 million rights issue) leaving little impetus for investors to send the index higher. The only UK figure of note this morning is the latest public sector net borrowing number, expected to shrink from £8.6 billion to £5.5 billion in what could be another boost for the pound’s week-long climb.
Things were only marginally better in the Eurozone: despite a worse than expected PPI figure the DAX managed to edge around 20 points higher this morning; the CAC, meanwhile, couldn’t move from the 4915 it closed at on Thursday. With Mario Draghi speaking in Frankfurt this morning one could have expected more movement from the Eurozone indices; the ECB President labelled the strength of the region’s recovery as ‘modest’ whilst stating that the central bank ‘cannot be relaxed’ about low inflation. Yet even his promise to ‘do what [the ECB] must’ to raise inflation quickly lacked any market-lifting freshness, leaving the Eurozone in its current state of muted trading.
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