Spreadex Market Update
FTSE nears 2016 highs as European markets see nascent gains this Friday; LSE teases ‘compelling’ Deutsche Boerse deal
With Brent Crude just about trickling over the $37 per barrel mark the FTSE’s oil and mining stocks could continue their recent recovery, allowing the index to jump around 40 points after the bell. Things are even looking up for the pound, cable nearing $1.42 for the first time since the Boris Brexit bomb last Monday. However, with an empty economic calendar this Friday the FTSE faces a long morning before the US spices things up with the latest jobs figures, meaning any significant movements in the oil price could nip the index’s nascent gains in the bud.
Slightly less perky than their UK peer, but still looking at their healthiest since Tuesday’s muscular growth, the DAX and CAC each rose just shy of half a percent this Friday. Like the FTSE there is little for the Eurozone to play with, the Italian GDP data and the latest retail PMI (following yesterday’s better than expected sales figures) all that is on offer.
Perhaps this most anticipated news of the morning came in the form of the London Stock Exchange’s full year results; not that the figures themselves were the main draw (though with a 78% surge in revenue to £2.28 billion and a 31% jump in adjusted pre-tax profit to £643.4 million they were more than impressive in their own right). No, the focus this Friday was on any further comments in regards to LSE’s future; interestingly, despite the week’s reports that NYSE-owner Intercontinental Exchange was preparing a rival bid, LSE remained on-side with its initial suitor, describing a potential merger with Deutsche Boerse as a ‘compelling’ and ‘industry-defining’ opportunity. Lacking any truly new information, however, meant that the company couldn’t build on its recent all-time highs, flitting between mild losses and gains as the day got underway.
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