Spreadex Market Update
FTSE pegged back
U.S stock futures ticked lower in anticipation of the advance GDP figures that came out at 1:30pm BST. The figure came out at a disappointing 2.5 percent, forecast of 3.1 percent, sending the Dow futures 29 point lower immediately. Whilst company earnings have been reasonable, it was suspected that the disappointing outlook for future revenue has weighed down on the economy.
There is a growing fear amongst European policymakers that the continuing contraction in euro zone credit will stop the regional recovery in its tracks. After February showed a 4 billion euro rise in lending to euro zone companies, data showed this levelled off in March while companies borrowed 1.3 percent less than a year ago. Speculation is mounting that the ECB will cut interest rates next week on evidence that the economic recovery is faltering.
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