Spreadex Market Update
Final Hail Mary for markets as worst quarter since 2011 comes to a close
Despite a slide in German retail sales, the DAX jumped just shy of 200 points at the open, with the CAC up nearly 2%; the reason behind this growth can likely be ascribed, beyond the appearance of the market-wide gung-ho trading sentiment this morning, to investors’ dreaming of more ECB QE. The latest Eurozone inflation data arrives later today, with an already announced downward revision for last month leading to expectations of a stagnant 0.0%; in other words, far away from the ECB’s target, and more fuel to justify another dip into the central bank’s quantitative easing coffers.
With its commodity sector continuing to see a more widespread rebound after yesterday’s tentative gains, the FTSE managed to crawl back over to 6000 mark it has spent the month dancing around. The confirmation of a Q2 GDP growth of 0.7% isn’t likely to ruffle any feathers, and should allow the UK index to continue its final Hail Mary at the end of a truly terrible third quarter.
The FTSE is currently being aided by the continued rebound from Glencore, now back at 85p after Monday’s mess, and a 12% jump from Sainsbury’s, which, despite suffering its 7th consecutive quarter of declining sales, stated that its full year underlying pre-tax profits would be marginally better than expected. This helped Tesco and Morrisons post their own healthy gains, both boosted by the prospect of an improvement in their own full year fortunes.
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