Spreadex Market Update
FTSE tentatively touches 6600 for the first time since last August
Once again the best performing index the FTSE rose another 10-20 points after the bell, briefly pushing it above the 6600 mark for the first time since last August (i.e. just before Black Monday). Investors seem to be dining out on the promise of stimulus from the Bank of England (and, likely, the ECB), news of which gave the markets another shot in the arm just when their recovery could have begun to flag. Understandably the pound hasn’t been equally as excited about this development, though its 0.2% rise this Monday has seen cable briefly graze $1.33.
Bar digesting whatever Brexit brouhaha Monday produces there isn’t much for the FTSE to deal with this Monday, especially with the US off for Independence Day. The only number of note is the construction PMI, which is forecast to fall to 50.6, its lowest reading in 3 years. Not exactly the kind of news the UK index will be looking, but not necessarily the most eye-catching figure either.
As was the case for much of the back end of last week the Eurozone indices are very much trading in the wake of the FTSE, the DAX and CAC barely managing to muster any momentum this Monday morning. The Sentix investor confidence figure later in the day could spark some movement, though considering that it is expected to fall from 9.9 to 8.1 (unsurprising given the nature of the last fortnight) that movement might not be up.
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