Spreadex Market Update
FTSE falls as mining stocks resume their slide; Morrisons and Amec Foster Wheeler disappoint
The FTSE’s mining stocks, so helpful on Wednesday, became the index’s main antagonist against once again this Thursday. A case of widespread red in the sector pushed the FTSE lower by around 30 points, dipping under the 6400 level it has struggled with for the past 5 weeks. Not that the FTSE received much aid elsewhere; adding to the overall commodity sector slump this morning was Amec Foster Wheeler, with the oil and gas services company falling by 20% after the bell as it halved its dividend. Also in the doghouse was Morrisons; still the runt of the Big Four litter, another worrying drop in like-for-like sales dragged the stock down by over 3.5%.
Focus now turns to the fruits of the Bank of England’s second ‘Super Thursday’. The pound, which took a bit of a hammering from the dollar yesterday, will be hoping for a few fresh hawkish voices to join the perpetually pro-rate hike Ian McCafferty in the MPC, whilst Carney himself will undergo some post-report interrogation with his press conference at midday.
The DAX once again trailed its Eurozone peers this Thursday morning; a huge miss in German factory order forecasts, coming in at -1.7% against the 1.1% expected, ensured the index started the day down by around 45 points. And with Volkswagen shares falling another 2% on the back of sliding sales news from South Korea, the DAX may face an uphill battle to gain any positive traction as Thursday continues.
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