Spreadex Market Update
Mixed data can’t stall US rebound, mining stocks boost FTSE
Both the ISM manufacturing PMI and the revised UoM consumer sentiment matched the previous month’s figure whilst also missing the slighter higher forecasts suggested for today’s announcements. The Dow is well on its way back to 18000, a much better position than it started the day in.
The dollar has had a decidedly mixed Friday. Despite the euro facing a Greek government that wants to delay its more difficult reforms and therefore stall any possible deal with its creditors, the Eurozone currency has still managed to outperform the dollar all week, with it seeing its best price since the end of February. The pound, on the other hand, has spent the day being hammered after the disappointing UK manufacturing news. Just in time for the final week of campaigning it looks like sterling has lost its nerve, with cable falling over 1% as the day went on.
The pound’s woes were the FTSE’s gains as the UK index made back Thursday’s losses as it slowly crawled towards 7000 once more. The unequivocal winner this Friday was Lloyds, which saw no slowdown in its growth as the day continued, widening its gains to over 7% as investors cheered the news that the bank would pay out a dividend for the first time since before the financial crisis.
Hot on the heels of Lloyds were the FTSE’s mining stocks as investors flooded into the sector after copper surged above and beyond $2.90 to reach a 2015 high. Anglo American grew by 5.5%, whilst both Rio Tinto and Vedanta Resources were tied at 4.5% each; even BHP Billiton managed 2.9% in gains as the FTSE acquired a metallic hue as the week came to a close.
Market Update - 04/05/2015 – May Bank Holiday:
- UK Indices /Equities/Bonds closed
- NY Cocoa, Coffee, Sugar No.11 late open @ 1:30 GMT
- Brent Oil OPEN.
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