Spreadex Market Update
Dire Chinese data fails to dissuade Europe from mild gains on manufacturing filled morning
The FTSE fared best this morning, jumping around half a percent as the European session got underway. Whether it can hold onto these gains, however, will largely be dependent on Brent Crude; the commodity has already fallen around 2.5% following that dire Chinese data, leaving the black stuff perilously close to abandoning the $35 per barrel level it valiantly climbed to last week. More worryingly for the UK index, Brent’s slide (and reports that BP will post a 70% plunge in profits on Tuesday) has caused a tentative shade of red to appear in the UK index’s oil sector.
Luckily for the FTSE, however, its mining sector appears to be slightly stronger, whilst the index is getting an extra boost from the likes of BT Group (which reported a 24% rise in reported pre-tax profit to £862 million for the 3 months that rounded out 2015). Still to come this morning is the UK’s own manufacturing PMI, expected at 51.8 against last month’s 51.9; if accurate that would leave the figure at its lowest point for 3 months.
The Eurozone indices were milder in their gains this Monday morning, the DAX and CAC rising 0.2% and 0.3% respectively. Like the UK the region sees a wave of manufacturing PMIs as the day goes on; hot on the heels of last week’s robust GDP figures Spain has already bested expectations, at 55.4 against 52.5, whilst the German and French figures are both forecast to remain unchanged from their last readings.
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