Spreadex Market Update
Markets brush off weak (if stable) Chinese manufacturing figures for strong start to Q4
Whilst the Caixin and government-released manufacturing PMIs from China each saw a decline month-on-month, the fact that both were slightly better than the initial readings from September appeared to allow the markets to ignore (for now) the country’s slowdown, with the Asian session seeing healthy gains across the board.
This, in turn, saw the European markets start the day strong, even if their own manufacturing figures are set to disappoint. Despite the Spanish manufacturing PMI sharply missing estimates, the Eurozone indices looked healthy this morning, with the DAX quickly hitting a 120 point increase and the CAC surging by nearly 1.5%.
The FTSE, buoyed by a commodity sector likely pleasantly surprised by the fact that there was no Chinese horror story this morning, jumped around 100 points at the open. Glencore is still clawing its way back to the £1 mark, up just shy of 3% as investors continue to buy into the company’s claims that is it ‘operationally and financially robust’. British fresh food producer Cranswick was one of the best performing non-commodity stocks, jumping around 2.5% as it reported first half revenue, which increased by 10% year-on-year, that was slightly ahead of expectations. It also suggests that the company, which supplies 50% of British pork to China, will be relatively unaffected by the country’s recent economic chaos, something investors have shown concern about in the past few months.
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