Spreadex Market Update
Peak market panic cools, but indices still sickly
The FTSE appears to be holding above 6300, but with its oil and mining stocks (bar the odd anomaly like Tullow Oil) firmly in the red, the UK index is going to struggle to end its current losing streak. Even news of a public sector surplus couldn’t inspire it to relinquish its losses, and an empty afternoon is unlikely to do so either.
The Eurozone has seen the biggest rebound this morning, with some solid if unspectacular manufacturing and services PMIs helping the DAX and CAC linger in a more reasonable shade of red, especially when compared to the former’s 3 digit decline earlier in the day. In terms of the Greek election, the region’s main source of news at the moment, Syriza’s Left Platform has splintered off to form the ‘Popular Unity’ party, becoming the third biggest group in the Greek parliament in the process. It cements the loss of Syriza’s parliamentary majority, and adds to the uphill battle Tsipras faces to get re-elected.
Not only is the Dow Jones at a fresh 2015 low, it has fallen under 17000 for the first time since the end of October 2014. It caps off a dismal, and confusing, week for the US indices, one that has brought with it the intensification of fears over China and, subsequently, the further muddying of the rate hike waters. A September lift-off, something that looked like a sure thing at the start of the month, is now in doubt, with even December potentially looking too early for the Fed’s first move. This afternoon brings with it the latest US flash manufacturing PMI; analysts are expecting a very small increase in the figure, one that is unlikely to affect the current state of play on the markets.
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