Spreadex Market Update
Draghi’s QE-injection impotence hangs over European markets ahead of NFP
The bitter after-taste left by Draghi’s underwhelming stimulus package doesn’t seem to be disappearing any time soon. After plunging nearly 4% yesterday afternoon the DAX and CAC continued to tumble this Friday, dipping by another 60 and 20 points respectively, the former’s fall only slightly mitigated by a much stronger than expected German factory orders figure. The ECB president’s failure to deliver what many investors and analysts thought he had (rightly or wrongly) promised looks like it might cast a pallor over the Christmas period, bringing to an end a positive run of trading that, with a Santa rally thrown in for good measure, could have seen the DAX hit 12000 for the first time since April.
Despite a decent morning for its commodity stocks, arguably boosted by today’s OPEC meeting that could (however unlikely) bring some positive news for the beleaguered sector), the FTSE followed its disgruntled Eurozone peers lower this Friday morning, dropping another 40 points to hit a 2 week low. The FTSE’s relatively minor part in the macro-landscape continues today, the UK index offering little that could contend with the market-moving moments produced by the Eurozone and US.
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