Spreadex Market Update
Dow jumps 100 points at US open; DAX begins to catch up with rest of Eurozone
It is debatable whether the miss in US existing home sales, down to 5.31 million against the 5.5 million expected, helped the US indices with their gains; traditionally in 2015 weak American data has been a boost to the markets, but the violent reaction to the Fed’s decision to keep rates the same last week complicates the bad data/strong Dow relationship that had been so strong this year. Yet it is likely that there has been a slight correction in regards to last Friday’s fall, helping the Dow Jones to tentatively re-cross the 16500 mark.
The FTSE, meanwhile, fell away from its session highs as the afternoon continued, with widening losses in the mining sector (especially from KAZ Minerals, Lonmin and Glencore) out-weighing the morning gains made by the index’s healthcare stocks. Still, the FTSE managed to hold onto the 30 point increase it initially posted at the beginning of the European session, despite the mining/RSA Insurance related issues.
The DAX finally began to catch up with the rest of the Eurozone this afternoon, increasing around 50 points to leave it around the same amount shy of the 10000 level (a level, incidentally, that the index likely would have reached if it wasn’t for the colossal drag caused by the Volkswagen emissions scandal). In comparison the CAC was up by around 1.5% with the Italian and Belgian indices jumping by roughly the same amount.
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