Spreadex Market Update
Weak data from China pushes oil prices even lower causing UK energy and metals producers to struggle
This was based off a renewed decline in oil prices following China’s weak data.
Also on the China UK link, the Chinese President Xi Jinping begins a four day visit to the U.K. as investors hope the visit strengthens economic ties between the two companies. The falling price also put pressure on European equities leaving many investors with a cautious mentality. Earnings continued to dominate the agenda with ASOS shares falling despite a 0.8% profit rise. Swedish bank Swedbank continued the banking sectors current malaise as operating profit fell by 14%.
In the US earnings released before the open include Travelers, Verizon and United Technologies whilst after the close Yahoo and Chipotle Mexican are the most significant. Markets are still suffering slightly after IBM’s poor earnings. The technology company suffered a 14% decline in revenues from the stronger dollar and weaker hardware sales.
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