Spreadex Market Update
FTSE flounders ahead of the Bank of England’s ‘Super Thursday’
With the UK mining sector resolute in its red wash this morning the UK index struggled to shrink its losses, remaining down by around 25 points. It doesn’t help that there isn’t much for the FTSE to look forward to beyond the Bank of England’s ‘Super Thursday’. Expectations suggest that another MPC member may save Ian McCafferty from his usual hawkish isolation, though as has been seen in the past analysts are sometimes slightly more adventurous than the continually cautious central bank.
Combatting Volkswagen’s latest decline (sustained this morning following news of a 10% drop in UK sales) and a worse than expected German factory orders figure, both of which weighed on its performance just after the bell, the DAX has managed to overcome its negative start to jump by 85 points this Thursday. The reason? Well, the EU upgraded the Eurozone’s GDP forecasts for 2015, from 1.5% to 1.6%, helping to lift the region as a whole. That leaves the DAX around 75 points away from 11000 and the CAC’s landmark 5000 level out of reach by a mere 10 points.
After edging to around 20 points shy of 18000, a comment from Janet Yellen during her testimony in front of the House Financial Services Committee claiming that a December rate hike was still a ‘live possibility’ took the Dow Jones away from its Wednesday highs last night. The Dow futures seem to have gotten over those hawkish remarks, for now at least, suggesting a 25 point increase at the open. However with the latest jobless claims and preliminary non-farm productivity figures lurking on the horizon the Dow could look somewhat different when the bell rings on Wall Street.
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