Spreadex Market Update
Inert Eurozone inflation gives Draghi QE-expansion green light
Coming in at 0.1% against the expected 0.2%, the Eurozone’s inert inflation appears to give Mario Draghi the green light to increase his quantitative easing scheme tomorrow. Well, investors and analysts seem to think so at least, the former sending the DAX and CAC higher by 40 and 10 points respectively whilst the latter upped their chatter about a potential (near) €600 billion expansion to the €60 billion a month until September 2016 plan that is currently in place. Of course there was one loser in this scenario, and after gaining some ground this morning the euro took a tumble against the dollar and the pound as Wednesday continued.
Despite a 7 month low construction PMI coming hot on the heels of a similarly disappointing manufacturing figure on Tuesday AND a gradually worsening commodity landscape the FTSE managed to hold onto its 30 point increase this morning. It appears the main catalyst for the UK index’s growth was its pharma-giants Shire, AstraZeneca and GlaxoSmithKline, up 3%, 2% and 1.8% respectively.
Turning to the US and the pre-non-farm Friday foreplay continues this afternoon with the ADP employment change figures, the revised non-farm productivity number and, in what has the potential to be a market mover, a speech from Janet Yellen. Not that the Dow futures are too fussed just yet, suggesting a meagre 15 point jump for the US index.
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