Spreadex Market Update
RBS and Standard Chartered narrowly pass bank stress test ahead of manufacturing-filled morning
Already the UK has endured the latest Bank of England stress test results, with RBS and Standard Chartered passing by the skin on their teeth. Yet the banking sector generally seemed buoyed by the fact there were no failures this time around and, combined with a set of commodity stocks lifted by the not-good but not-bad either Chinese manufacturing data, allowed the FTSE to jump 50 points at the open.
Already having grazed the 6400 mark the UK index will be looking for a more sustainable rally as the day goes on, though that may be dependent, at least partially, on the UK manufacturing PMI. Forecast to undergo what would appear to be a sharp drop from 55.5 to 53.7, after last month’s surprisingly strong jump even a decline to the mid-53s would leave the figure far above what it had been managing between May and October.
The Eurozone is set to be the data-hotspot this Tuesday, with the region’s country’s all releasing their own manufacturing PMIs before the unemployment rate cherry on top arrives later in the morning. Evidently investors aren’t too excited about this data-deluge, however, with the DAX and CAC respectively seeing meagre 20 and 15 point increases after the bell.
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