Spreadex Market Update
FTSE sees property sector-driven losses accelerate this Monday afternoon
Dropping nearly 1% Monday has seen the FTSE have its worst day in just under a week, the fears that arose around the morning’s construction PMI, and the ensuing hit to the property sector, only intensifying as the day went on. Not that it takes the UK index radically far away from its earlier highs, the FTSE now at 6520 rather than 6600; it does, however, mark an end to its recent, uninterrupted rise.
In a repeat of nearly every trading day in the past week the Eurozone indices matched the FTSE this Monday, the DAX and CAC declining by 0.6% and 0.7% respectively. Much like the construction PMI damaged the UK index, the Sentix investor confidence figure knocked sentiment in the Eurozone, this dual dose of negative data bursting the market’s post-Brexit bubble.
Tomorrow will give investors a lot more data to chew over. The day’s wave of European services PMIs is expected to be a mixed bag, with improvements for Italy and the Eurozone as a whole likely countered by declines for Spain and, most notably, the UK. There is also the Bank of England financial stability report, and subsequent speech from Mark Carney, to look forward to, something that could cause a rise if the central bank chief mentions stimulus once again.
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