Spreadex Market Update
Europe follows China’s lead with disappointing manufacturing figures, can’t stop market gains
A 5 month low for the Eurozone’s region-wide manufacturing PMI was caused by a 2 month low for Germany, a 7 month low for Italy, and a whopping 21 month low for Spain, in the latest sign (alongside the separatist victory in Catalonia) that the country could be the currency union’s next danger zone. The news managed to take the edge off the DAX’s gains, with the German index a long way from the 100 growth it had seen in the early hours of trading, but left the CAC unscathed, as France posted a 3 month high PMI.
The UK saw its own uninspiring manufacturing figure this morning, coming in at 51.5 against last month’s upwardly revised 51.6; whilst that is a slight improvement on the 51.3 forecast, it is still the fifth consecutive month of sub-par figures, with the September report containing a worrying trend of job-cutting within the sector. Not that this disturbed the FTSE, which neared a 100 point increase on the day as its commodity-boosted morning continued.
With Yellen failing to provide any relevant policy comments in her speech in St Louis last night, the onus is back on US data to try and indicate a timeline for 2015’s likely rate-hike. This afternoon brings with it the usual jobless claims, expected to creep into the 270k band, alongside the ISM manufacturing PMI, forecast to fall from last month’s 51.1 to 50.8. The prospect of all this has still left the Dow futures suggesting a 130 point jump at the open, with the index making good progress in the past 2 days to escape the 16000 mark it had fallen to at the start of the week.
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