Spreadex Market Update
Mundane Monday continues with European markets stuck on dreary autopilot
The Eurozone was the sole source of data-intrigue this morning; not that it helped matters, the German Ifo business climate figure, falling to 107.3 from 108.6 last month (the worst figure since the Grexit-plagued landscape of last June), only cementing the bearish tone of this morning’s trading. That number left the DAX at around a 15 point loss, with the CAC similarly stodgy with its own 10 point drop.
There wasn’t much improvement to be found in the FTSE either; if anything, with Brent Crude increasing its losses to over 2% and the oil and mining stocks following suit, the UK index can count itself lucky that it only finds itself around 0.1-0.2% lower. The only UK figure of note, the CBI industrial order expectations number, merely added to the day’s bad news, coming in at -15 against the -10 anticipated (and -7 last month).
Things are unlikely to improve with this afternoon’s snow-slowed US open. Volumes are set to remain low as US investors try and thaw themselves out in time for the bell on Wall Street, with the Dow Jones currently looking at a near 50 point fall when the American session gets underway. Hardly the kind of stuff to instigate a turnaround as the day continues, especially with the US providing nothing in the way of data as Monday drags on.
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