Spreadex Market Update
Eurozone leads the charge in morning gains
The DAX carried on with its 3 digit push, crossing the 12000 barrier once again and leading the region as a whole with it. This rally was boosted by a better-then-expected economic sentiment for the Eurozone, which saw the highest figure in this area since July 2011. The region’s companies are clearly still enamoured with the effects of ECB QE, allowing them to turn a blind eye to the ongoing Greek debt saga. With the Greek talks set to resume this afternoon, hope this morning that progress may be forthcoming have been dashed as the German government stated that Athens hasn’t submitted a ‘firm’ list of proposals, pushing a potential Eurogroup meeting about the issue to an unknown date.
The FTSE struggled to keep up with its European cousins, only managing slight progress this Monday morning despite strong mortgage figures pointing to healthy growth in the UK housing sector. Declines in oil had its usual effect on many of the FTSE’s oil stocks, dampening some of the index’s gains, whilst Ocado and Supergroup propped up the index’s marginal growth. The pound lost further ground against the dollar as it failed to capitalise on the brief greenback wobbles earlier in the day, setting an ominous tone as an election heavy April and May loom.
The US futures are looking positive this morning, as investors carry through the Yellen-boost from last Friday. The Fed Chair ruled out a June rate-hike, with a collective sigh of relief from the doves leading the Dow Jones to recover its Friday losses. However, with Yellen also stating the rate-hike is still on track, the dollar remains strong and could play havoc with the US markets come opening time, so the Dow et al. will be hoping for positive personal spending and pending home sales figures to help solidify the growth they have seen this morning.
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