Spreadex Market Update
Buoyant start to March tentatively continues as DAX and FTSE trade at one and two month highs respectively
Unlike yesterday’s manufacturing mayhem, which the markets admittedly faced down with aplomb, Wednesday’s economic calendar contains far fewer hurdles for the global indices to overcome if they wish to sustain their current gains. The FTSE, for example, only sees the latest construction PMI, expected to increase from 55.0 to 55.5 month-on-month, leaving the UK index relatively impediment-free as the day goes on.
Rising a further 30 points after the bell the FTSE has already tentatively touched the 6200 mark for the first time since the end of 2015. That is a marked improvement on the barrel-scraping 3 and a half year lows seen in the middle of last month, the UK index arguably aided by the somewhat volatile, but gradually steadying, oil prices, Brent Crude slipping around a 0.5% but still hovering around the $36.50 per barrel level with the latest US crude oil inventories to come this afternoon.
The Eurozone indices, meanwhile, are similarly buoyant; the DAX, approaching 9800, is at its highest point since the start of February, whilst the CAC is up around half a percent. Bar a speech from ECB member Benoit Coeure (which could give the markets a further hint at what will happen at the central bank’s latest meeting next week) there is little on the Eurozone agenda, leaving the region’s indices fairly free to pursue their gains this morning.
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