Spreadex Market Update
Positive start to Monday (can it last?) as Glencore jumps on nascent takeover talk
With the UK services PMI set to improve later in the morning, from 55.6 to 54.6, the FTSE jumped by 100 points at the European open, boosted by the non-farm jobs report-lifted Asian session and the subsequent gains made by its commodity stocks. The main focus early this Monday, as it has been so often of late, was Glencore; in the latest twist, a week on from its 30% cliff-dive the stock is dancing around a 10% increase on the day following reports that CEO Ivan Glasenberg is ready to listen to takeover offers, pushing the company back above the £1 for the first time since its precipitous plunge.
The Eurozone was in its own healthy shade of green this Monday, with the DAX and CAC up 130 and 80 points respectively. In terms of the region’s services PMIs, Spain posted a big miss on estimates, coming in at 55.1 against the 59.7 expected, in another sign (like the separatist victory in Catalonia and the 21-month low manufacturing PMI last week) that the country is a growing area of concern for the Eurozone.
A two-day Eurogroup meeting also begins this Monday, and is set to discuss the 2016 budgets for the region, as well as the delay in the first review of the Greek programme. Whilst this meeting is unlikely to inspire much movement, any negative news leaking out of the summit could contribute to the lunch-time wobbles the markets have been so fond of lately.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
