Spreadex Market Update
String of bad news from Asia leaves FTSE and DAX firmly in the red ahead of morning’s manufacturing PMI mayhem
Dropping by 80 points this morning the FTSE has now slipped below the 6100 mark after failing to break beyond its year-highs throughout March, investors starting the new month in a decidedly sour mood. Softness in the commodity sector, likely inspired by the disappointing Asian session, is the main cause of the FTSE’s fall, though there were also notable losses for Standard Chartered, Tesco (which is set to offload its unsuccessful Giraffe restaurant chain) and Sky. The index will be hoping that the expected improvement in the UK’s latest manufacturing PMI (from 50.8 to 51.4) can help shift sentiment, though that minor rise might not be enough for investors to abandon their gloomy outlook.
Joining the FTSE in the doghouse were the Eurozone indices, the DAX and CAC both falling over 1.6% after the bell. Like the UK the main news for the region will be its host of manufacturing PMIs, though things don’t look too promising on that front; already Spain has unexpectedly slipped back to 53.4, whilst France and Germany are forecast to remain in, and teetering on the edge of, contraction territory respectively.
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