Spreadex Market Update
Walt Disney dazzles whilst rest of the markets continue to slump
A better than expected ISM non-manufacturing figure couldn’t make a dent in the Dow’s losses considering the tone of the markets today, a tone that affected the strength of Walt Disney’s post-earnings performance. Despite Disney beating its revenue and earnings per share forecasts by significant margins, the media giant only saw mild growth after the bell. Whilst this mild growth did indeed see Disney reach a fresh record high of around $113, the current trading atmosphere has perhaps done a disservice to a company that has posted yet another strong set of quarterly results, with big gains in its broadcasting and theme park divisions.
As they have been wont to do in recent weeks, the DAX and its Eurozone cohorts went into freefall this afternoon, with the German index seeing a near 150 point decline. The catalyst is likely more bad news from Greece, with the country’s abject growth forecasts and latest warning from the IMF being joined by the working Eurogroup’s chairman Thomas Wieser claiming that a deal is unlikely to be reached by the next Eurogroup meeting on May 11th.
To capture the true extent of Tuesday’s dismal atmosphere you need look no further than the FTSE, which sank below 7000 despite a robust performance from BP, Shell and the rest of its oil stocks following the news that WTI crude crossed the $60 per barrel mark for the first time since mid-December. The growing strength of the pound following the dollar’s post-trade deficit capitulation, the worrying proximity of the general election and investors’ overall bad mood meant the FTSE couldn’t stall the slide that began at this morning’s open.
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