Spreadex Market Update
Positive data in Europe leads to new intraday highs
The Eurozone was the busiest region this morning, with Spanish and French manufacturing PMI slipping, whilst Germany, Italy and Ireland all surpassed expectations. This was then joined be a steady manufacturing figure for the region as a whole, alongside less disastrous inflation data than predicted. The cherry on top was unemployment: falling to 11.2% for the Eurozone as a whole this figure was a 33 month low, a figure likely spurred on by the impressive German unemployment data from last week. Freed from the short-term shackles of the Greek issue, the Eurozone indices looked very healthy with only more room to grow once QE begins in earnest later in the week.
The FTSE was able to bask in the Eurozone glob whilst also feeling the upshot of its own positive data, as the UK’s manufacturing PMI saw its best figure since July 2014. If the FTSE can sustain this form it could reach the 7000 mark by the end of the month; however, at the moment oil seems set on spoiling the party. Brent Crude has continued to widen its losses as the day went on, even if it hasn’t yet dipped below $60 per barrel. What’s worse, the news that Tullow Oil will likely lose its blue-chip position to Hikma Pharmaceuticals exacerbated the situation, with the oil sector as a whole looking sickly, even after Brent Crude saw its biggest monthly gains for 6 years.
Finally, the US futures are still looking flat ahead of its figures this afternoon, despite the largely positive sentiment emanating from Europe. And after the dollar received its latest boost following the Chinese central bank’s rate cut at the weekend, the greenback has slipped against the euro in light of the Eurozone’s strong start to the month.
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