Spreadex Market Update
Morning market mayhem calms, but European indices still weak
The European indices appear to be gradually edging towards the green after frantic scenes at the start of the day ; after touching a fresh 2015 low in the futures, the DAX is now only down around 15 points, with the CAC seeing a similar performance. The FTSE, meanwhile, is the worst performing index, and is still firmly below 6000; however, a drop of 40 points is a vast improvement on where it was when the day began.
By and large the commodity sector has rebounded from its session lows, with only KAZ Minerals, Anglo American and Premier Oil left straggling behind. Glencore, a stock that has perpetually surprised investors in just how low it can go, has jumped back up this morning, climbing back to the 75p level; that is still, however, a long, long way from the £3 mark it began 2015 at, and questions still remain about the long-term tenability of the company as a publically traded stock.
The US futures could provide a helping hand this afternoon, with the Dow Jones looking at a 50 point jump (granted after a serious decline on Monday) when the bell rings on Wall Street. And whilst yesterday was a bust in terms of insightful data, the release of the latest consumer confidence figure could hint the Dow’s data mindset ahead of Friday’s ever-important non-farm jobs report; last week’s movements suggested a less rate-hike averse market viewpoint, before Monday’s plunge provided a rather start counter-argument.
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