Spreadex Market Update
Tentative open at end of abbreviated trading week as Easter weekend looms
The FTSE managed to hold onto its rebound last night, and pushed forth with more marginal growth after the bell. As the election looms, with the 7-way mega-debate this evening, the FTSE’s natural predilection for the next month may be stagnation, as investors try and wait out the increasingly uncertain election run-in. Yet, after yesterday’s impressive manufacturing data sparked some life into the UK index, it is the turn of the country’s construction PMI this morning to help the FTSE continue its resurgence and ignore the issues surrounding No. 10’s next tenant.
Marks & Spencer, the much beleaguered British brand, finally managed to give its investors some non-food related good news. It is perhaps a sign of how bad things have been for M&S of late that merely announcing that its general merchandise rose 0.7% year on year in its fiscal fourth quarter, the first non-fall in 15 consecutive quarters, is such a cause for celebration. Yet investors were incredibly happy with this marginal turnaround, pushing the stock nearly 5% higher despite growing issues in the company’s international trade due to the ongoing problems in Russia, Ukraine and Turkey.
The Eurozone had a flat-to-negative open, after yesterday’s QE-inspired manufacturing surge had pushed the DAX back over its all-important 12000 mark. In terms of economic news the region is fairly quiet at the end of this abbreviated week, with only ECB monetary policy meetings accounts to come later this afternoon. The focus, then, will be back on the Greek debt issue, something that has once again failed to yield much progress this week and will likely be further delayed by the Easter break and the general inefficiencies of everyone involved. The latest Greek reforms proposal looks like it will be deemed insufficient in more bad news for the debt-ridden country; the further we enter April without a resolution, the sweatier the Greek brows will be getting as the Athenian coffers gradually are replaced with tumbleweed.
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