Spreadex Market Update
Big miss for UK manufacturing damages the pound
Despite this big miss, the FTSE edged into the green due to the damage this manufacturing figure did to the pound. With sterling now on its second day of declines after an exceedingly strong fortnight, and finally feeling the pre-election jitters, investors are beginning to look keener to buy the UK index.
The FTSE has been aided in its progress by the increasing gains made by Lloyds. The initial positive swell following the bank’s first quarter results has only grown since the open, with Lloyds now approaching over 7% in growth this morning alone. This helped Lloyds see its first significant push above the £0.80 level since the start of March, even as the rest of the banking sector falters.
The mining sector continued its robust gains this morning as copper teetered on the edge of breaking $2.90, with Rio Tinto, Anglo American and Vedanta Resources seeing around 4-5% in gains as the day went on. The oil stocks, on the other hand, had a mixed morning despite Brent Crude just about maintaining its $66 per barrel price.
Things are looking slightly betting for the US futures this morning after a tough 2 days saw the Dow dip firmly below 18000. Whilst the futures are currently pointing to a slight recovery this afternoon, the markets will have to contend with the latest ISM manufacturing PMI and the revised UoM consumer sentiment figure. Considering the soft nature of US data at the moment, a downturn in these figures could put the stoppers on the tentative gains for the Dow Jones et al.
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