Spreadex Market Update
Increasing Brent Crude firmness aids indices; Disney to report after close
With BP and Shell gradually climbing out of the losers pile, the UK index could slowly begin to post some growth, however mild. It also managed to navigate around a big miss from the construction PMI, something that was a surprise given analysts’ expectations, but perhaps on the cards in light of the construction contraction found amongst last week’s preliminary GDP data. Whilst the FTSE avoided being hurt by the construction miss, it did help take the edge off the pound.
The Eurozone indices weren’t as quick as the FTSE to escape the morning’s bearish trading, even if they looked increasingly healthier as the day went on. Dribs and drabs of Greek news leaked out this morning, with reports suggesting the country is seeking a bailout agreement by August 18th. The likelihood of this being achieved should become clearer in the next few days, as the drafting of an agreement gets underway. The technical talks, which have yielded surprisingly little news beyond last week’s IMF debt relief claim, conclude today, and hopefully will give way to a livening up of this already interminable August (and yes, I’m away we are only 4 days in).
The US futures are flat ahead of a rather quiet afternoon, with only the monthly factory orders to come. There are a few big hitters to report, however, namely Walt Disney. Somewhat a dark horse compared to the flashier (and newer) likes of Google, Amazon, Apple and Netflix, Disney has nevertheless consistently broken its all-time highs this year, and looks set to announce yet another strong quarter, boosted by the successes of ‘Avengers: Age of Ultron’ and ‘Inside Out’. Analysts are expecting a 6% jump in revenue to $13.225 billion alongside an 11% leap in earnings to $1.42 per share.
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