Spreadex Market Update
Calmer start to Wednesday morning on eve of Chinese holiday, but investors still nervy
However, the fears over China are still looming above the markets like the sword of Damocles, meaning it is far too early to tell what the state of trading will be by the end of the day. The saving grace could be the 2 day Chinese holiday that begins on Thursday, which in theory should provide a moment of respite for volatility-weary investors and therefore a chance to avoid the usual last minute panic in the minutes before the closing bell.
Back to today, and the FTSE opened strongly this morning, with a confident start from its mining stocks (helped by decent growth from copper) and the promise of a solid construction PMI allowing the UK index to fare far better than this time yesterday. Yet, with Brent Crude continuing to pour away the remarkable growth it managed between last Thursday and the start of this week (with the US crude oil inventories ready to either help or hinder the commodity this afternoon) and the Shanghai Composite posting further (if milder) losses, there is still plenty of time (and reason) for the FTSE to fall off the wagon.
The Eurozone was similarly perky this morning, with the DAX and CAC climbing by around a per cent after the bell. Beyond an improvement in Spain’s unemployment change, the region has little to offer the markets this Wednesday, barring any signs of progress in regards to the Greek election. The latest polls suggest that Syriza’s lead is shrinking, and though the markets have their eyes elsewhere, Greece continues to keep its status as a potential problem area in the coming weeks and months.
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