Spreadex Market Update
Chinese manufacturing surprise gives FTSE a mining boost ahead of UK PMI
Following a lacklustre end to August that puts the UK index back above 6800, seemingly the level it currently feels most comfortable at. Those gains will get something of a thorough workout later this morning, as the UK’s own manufacturing PMI for last month is released. Analysts are expecting the figure to lift away from July’s lows, climbing to 49.1 from the 48.2 seen in the aftermath of the Brexit referendum result. Whether or not this will satisfy investors is unclear, though the sign of progress may be enough to secure the FTSE’s current growth.
The pound was slightly more tentative in its positivity this Thursday, jumping a slight 0.1% against both the dollar and the euro. That does, however, keep sterling above 1.31 against the former, while the currency is knocking on the door of 1.18 against the latter.
Over in the Eurozone the DAX and CAC weren’t quite as perky as their UK peer, though they did rise 0.2% and 0.4% respectively. The region has already started its own manufacturing deluge, with Spain unexpectedly unchanged month-on-month at 51.0. Italy is forecast to see a slight increase to 51.3, while the German and French figures are set to be confirmed at their initial 53.6 and 48.5 readings.
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