Spreadex Market Update
Decent Chinese data fails to quell market fears ahead of European services deluge
The FTSE was arguably the best performing index at the open, though considering it has already fallen past the 5900 mark it plunged to during the hairy trading seen on Tuesday afternoon that doesn’t mean much. Whilst the UK services PMI (forecast at 55.4 against 55.5 last month) will dictate some of the sentiment this morning, more important will be the showing from Brent Crude; sitting just below $33 per barrel, what way the commodity turns this Wednesday (and looking at the oil and mining sectors things don’t look too promising) is likely to be the main force behind the FTSE’s trading as the day goes on.
Over in the Eurozone it was more of the same, with the DAX and CAC approaching 100 and 30 point falls respectively. Services data is the region’s bread and butter this Wednesday, and investors will be hoping for a better set of result than the mixed picture painted by Monday’s manufacturing PMIs. The final French figure is expected to improve month-on-month (from a contracting 49.8 to 50.6), whilst the German number is forecast to fall (from 56.0 to 55.4); Spain, meanwhile, was out of the blocks early, matching analysts’ expectations with a solid (if declining) 54.6.
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