Spreadex Market Update
Autumn Statement and pre-Thanksgiving US data dump set to dominate Wednesday afternoon
With its housing sector stocks buoyed by what is expected to be a big windfall from George Osborne’s Autumn Statement, the FTSE widened its gains to just shy of 1% this morning, almost matching its highs from last week’s peculiar trading. This even as its mining stocks put in a typically terrible, copper-driven, performance, with Lonmin (consistently one of the sector’s worst performers) and Anglo American (damaged by comments from HSBC stating the company will continue to burn through cash despite its recent cost-cutting measures) leading the downward charge.
Despite having little going on this Wednesday the Eurozone indices were more than happy to join in with the morning gains, the DAX rocketing to a near 180 point increase (approaching its 3 and a half month highs once again) and the CAC jumping over 1.5%.
Whilst the UK Autumn Statement will do its best to hog the limelight, the US is going out with a pre-Thanksgiving bang, providing investors with an overstuffed afternoon of data. Durable goods orders, jobless claims, the core PCE price index, personal and income spending, the flash services PMI, new home sales AND the revised UoM consumer sentiment figure all arrive in a 90 minute period this Wednesday. And with the Dow seemingly returning to its strong figure-averse fluctuations in the past few days of trading it will be interesting to see how the index (currently up 35 points) will perform before it takes the day off on Thursday.
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