Spreadex Market Update
European indices slump at open on with little on the agenda
With only the UK construction PMI (expected at 57.6 against 57.8 last month) to distract investors from the underlying jitters that have plagued the markets since the start of the year, the FTSE looks like it has another struggle on its hands this Tuesday. Matters aren’t helped by the fact that Brent Crude has fallen through the $34 per barrel level; add onto that the worst annual loss for 20 years from BP, coming in at $5.2 billion against profits of $8.2 12 months ago, and the chance of similar results from Shell later in the week, and it could be a typically commodity driven day for the UK index.
Over in the Eurozone there is a bit more for investors to play with. Spanish unemployment change came better than expected (continuing a strong run of form for the country data-wise), whilst the German figure is expected at -7k (compared to -14k). The Italian monthly employment rate, meanwhile, is forecast to fall to a 3 year low of 11.2%. Latter in the morning comes the region-wide unemployment rate, expected to remain unchanged at 10.5%. Not that this helped the Eurozone indices all too much, both the DAX and the CAC dipping into negative territory after the bell.
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