Spreadex Market Update
FTSE falls as construction PMI hits lows not seen since financial crisis
Grazing a 2 week low the FTSE has fallen over 40 points following the construction PMI reveal, despite the reading being a tad better than expected at 45.9 against the 44.2 forecast. That is still, however, lower than last month’s 46.0, and leaves the construction sector in its worst shape since the financial crisis. The pound seemed to find some positives in the fact that things weren’t quite as bad as analysts had predicted, with sterling rising 0.3% against the dollar and 0.1% against the euro.
The biggest losses of the day so far weren’t, however, in the UK but in the Eurozone. With Commerzbank issuing a profit warning, and subsequently plunging by 8%, the DAX lost nearly 150 points in value. The CAC wasn’t much better, the French index suffering a similar 1.5% fall thanks to widening losses in its own banking sector.
Those expecting a change in sentiment from the US open look likely to be left wanting, with the futures pointing to a measly 25 point fall from the Dow Jones after the bell. At least there is a bit more data for investors to contend with this afternoon, as the latest PCE price index, personal spending and personal income readings are released.
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