Spreadex Market Update
Unambitious OPEC meeting gets underway ahead of ECB get together this afternoon
Following Iran’s continued output cap intransigence and the generally apathetic attitude of many of OPEC’s members (who seem willing to sit on the current oil price) Brent Crude trickled back below $50 per barrel, the black stuff losing its naïve optimism as the morning went on. This couldn’t prevent the FTSE from holding onto its early gains, however, the UK index jumping above 6200 with a commodity and banking sector inspired half a percent rise. Investors also seemed to ignore the latest warning signs from the UK economy, as the construction PMI unexpectedly slipped to 51.2 from 52.0 last month, the worst reading since August 2013.
The Eurozone indices perked up a bit as the morning continued, the DAX and CAC perhaps buoyed by the chances of upwards revised growth and inflation forecasts from the ECB this afternoon. The central bank press conference will likely err on the dull side, however, with the proximity March’s stimulus measures ruling out any drastic action from Draghi and co. for the time being.
While the European indices ticked higher the Dow futures are looking rather muted at the moment, the US index facing a 15 point fall at the open. That could all change, however, dependent on the state of the ADP non-farm employment change figures, with analysts expecting an increase to 174k from a paltry 156k last month.
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