Spreadex Market Update
Precarious positions in Greece, Iran and Yemen continue to plague markets
Despite 100 business leaders backing the Tories, the election worries are still adding to the bearish trading environment surrounding the FTSE, which fell over 100 points amidst yesterday afternoon’s sell-off to leave 7000 just a distant memory. The UK index is straining to post gains this morning, but with little in the way of support the FTSE is continuing to struggle, only managing marginal growth after the bell. Even better-then-expected Chinese manufacturing data couldn’t help the FTSE’s commodity stocks post index-resuscitating gains, leaving the FTSE little option but to look ahead to the UK’s own manufacturing PMI and hope that the figure can inspire an upward charge.
One stock that wasn’t fazed by the FTSE’s slump was ASOS; despite a 10% fall in pre-tax profits caused by increased investment for the first half of the company’s financial year, a 27% rise in UK sales was joined by a 10% increase in the USA, leaving the online clothing retailer up nearly 5% after the bell as investors were impressed by the growth of ASOS’ retail market muscle.
Murmurs from Athens suggest that a bailout deal could come in mid-April; however, these kinds of whispers have become a permanent fixture of Greece’s public relations style, and reports from the country’s creditors suggest there is still a long way to go. The continued uncertainty of this issue, which now has a solid two months of meetings and re-meetings under its belt, is once again weighing on the Eurozone indices as the DAX fell further away from its landmark 12000 level. Manufacturing data across the region looks set to provide little reason for a turnaround, leaving the Eurozone enthralled with its own messes.
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