Spreadex Market Update
Better than expected German business climate figure only real news from quiet Monday morning
A slight improvement in its commodity stocks, with Glencore, Rio Tinto, Anglo American and Antofagasta the main recoveries, meant the FTSE could shrink its losses to around 15 points this morning. Not that it received much in the way of help from elsewhere; the index’s only piece of data this Monday, the UK CBI industrial order expectations, fell to -18 from -8 forecast, its worst reading since June 2013. TalkTalk, meanwhile, was understandably the biggest loser, plunging nearly 9% as investors continued to react to the last week’s cyber-crime attack, leaving the telecoms company at a 25 month low of £2.33.
The DAX fared better than its UK cousin this morning, lifted by a slightly better than expected, if still falling, German Ifo business climate figure. A mild dip from 108.5 to 108.2 month-on-month can be chalked up as a win for the German index, and suggests that, whilst Volkswagen may still be in the gutter, the country’s wider economy may be less-damaged than first thought. And though this news didn’t exactly send investors rushing to the index, it did allow the DAX to maintain the 9 and a half week highs it hit last Friday.
Investors looking for the US open to liven things up may be out of luck; the Dow Jones is currently looking at a 40 point drop when the bell rings on Wall Street, with little in the way of data or notable earnings releases to come. That leaves the Dow at around 17600, but importantly with the potential to break 18000 for the first time since the end of July this week if certain FOMC- and Apple-related situations go as planned (interestingly, the Dow hasn’t crossed that landmark level since Apple’s Q3 results, a situation that could well be rectified with the company’s Q4 figures on Tuesday).
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