Spreadex Market Update
Markets in the green on (relative) Eurozone stability
Despite the weakest nationwide HPI since September 2013, the FTSE managed to open with a greenish hue as it looks towards today’s manufacturing data. That figure is expected to see a minor increase when it is announced later this morning, as is net lending to individuals; the UK lacked the same headline-grabbing data that was enjoyed (or not) by the Eurozone and US markets last month, but that could all change this week. As the index waits for those numbers, Rio Tinto, Antofagasta and Vedanta Resources were big winners this morning as copper continued to trade around $2.70 per pound; the FTSE’s oil stocks, however, looked limp as Brent Crude began to fall this morning, even if the commodity remains around $62 per barrel.
On the continent the Greece issue has finally receded into the background for now, after the country was issued the four month bailout extension that was the focus of last week. Whilst Syriza work on new legislation aimed at implementing its proposed reforms in order to try and secure a fresh bailout, the Eurozone could look elsewhere for news with the main story of the day likely to be the latest fall in inflation across the region, with a sprinkling of unemployment rate and a pinch of manufacturing data. With the things in the Eurozone seemingly calmer for now, the DAX continued to reach new highs, with this morning’s open building on last week’s emphatic end to February.
After stumbling slightly at February’s final hurdle, the US markets failed to capitalise on the record highs it had reached this time last week, slipping away from these levels by Friday. However, this still leaves the Dow Jones in an enviable position, with ISM manufacturing PMI, personal spending and the core PCE price index the latest set of data the US markets will have to weather if they want to reignite the bullish spirit that was present for much of last month.
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