Spreadex Market Update
Mixed US manufacturing data sees Dow lurch between 50 and 150 point growth
A mixed afternoon for US manufacturing, with a vastly underwhelming ISM figure countered by a slightly stronger than expected Markit figure, led the Dow Jones to lurch between 50 and 150 point gains this Tuesday. The disparity between the two manufacturing indices muddles matters, leaving the question of just how open the Dow is to any impending rate hike still relatively unanswered.
Despite the appearance of a few splashes of red in its commodity stocks this afternoon, the sustained growth by its banking sector (something that has already got people talking about a Santa rally less than 24 hours into December) allowed the FSTE to maintain its title as the best performing European index, even if it couldn’t hold onto its post-6400 highs.
In stark contrast to their UK and US peers the Eurozone indices plunged into the red this afternoon, the DAX and CAC falling 120 and 40 points respectively. Tuesday’s strong data appears to have worried investors previously banking on decisive (i.e. stimulus providing) action from Draghi on Friday, something that (if only slightly) is thrown into doubt by the wave of solid figures seen this morning. In light of this tomorrow could be incredibly important for the Eurozone, with the region-wide inflation figures set to reveal just have far the Eurozone is from its targets and, therefore, how much help it potentially needs from its central bank.
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