Spreadex Market Update
Miraculous midnight climb from oil sees Europe buoyant, but jitters remain ahead of Super Thursday
The focus this Thursday is undoubtedly on the Bank of England, its data splurge (the ‘Super’ tag sounding almost sarcastic) set to reveal downgraded growth and inflation forecasts with a healthy dollop of dovishness on the side. The FTSE seems to be taking the prospect of a sour set of figures from the central bank in its stride, however, rising 1% following Brent Crude’s incredible jump. Even Shell, which reported its largest fall in annual profits for 13 years (coming in at $10.7 billion against the $22.6 billion in profit seen last year, with 10,000 jobs getting the chop as a result), managed to rise nearly 4% after the bell, joining the rest of the commodity sector in a sea of green.
Yet Brent Crude has already begun to threaten to fall through that $35 per barrel level, so how long the morning’s impressively positive trading can last is another matter entirely. As we have seen since the New Year began, things can turn negative in the blink of an eye; all it takes is one reminder of the myriad of underlying fears currently plaguing the markets (a reminder likely taking the form of a Mark Carney speech later today) for the whole thing to come, quite literally, tumbling down.
With Mario Draghi this morning stating that the risks of acting early outweigh the risks of acting late the Eurozone indices were given the green flag to join in with the FTSE’s fun, the DAX and CAC jumping by 55 and 10 points respectively. There is little on the Eurozone agenda this Thursday, barring the latest retail PMI, meaning the UK index is (for once) the unchallenged star of the markets.
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