Spreadex Market Update
Dow Jones flirts with 17800 but struggles to gain momentum, FTSE remains trapped below 6200
Flitting around the 17800 mark US investors struggled to find the appetite to push the Dow Jones to further year highs this Monday, a worse than forecast fall in factory orders (at -1.7% against +1.6% last month) helping the index stagnate. Yet even in its current flat state the Dow has seen a 2016 renaissance that hasn’t been anywhere need matched by the European indices. And with improvements expected in both of tomorrow’s Markit and ISM services PMIs the index may be line for a course-righting boost, one that leaves it back on track to hit 18000 for the first time since last July at some point before the month is out.
Steadying around a 40 point increase the FTSE couldn’t quite reach the 6200 mark that has taunted the index since the start of March, instead bouncing around the same 50 point bracket it has been trapped in for the past 5 weeks. To be fair to the index, however, the fact it has managed anything as strong as 0.6% rise is applause worthy given the Iran-inspired decline seen by Brent Crude, the country’s oil minister stating it will keep raising its production levels until it reaches parity with its pre-sanctions status.
The Eurozone indices were largely in step with the FTSE this Monday, the 4 and a half year low seen in region-wide unemployment helping the DAX to a half a percent increase. Like the rest of the West the Eurozone sees a wave of services PMIs tomorrow morning, with analysts expecting slight improvements across the board, even if the likes of Spain are a perpetually threat to the region’s economic data consistency.
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