Spreadex Market Update
FTSE edges higher as signs of services stability waft over from China
Coming in at a better-than-forecast 52.2 China’s services PMI, whilst rather insipid, was still at the upper end of the figure’s past 12 months performance, reassuring investors in Asia who had been expected something a bit closer to contraction territory.
Not that the signs of stability from China, a perpetual macro-concern, have inspired too much glee this morning. The FTSE was the biggest beneficiary, started the day nearly half a percent better off, climbing back into the comfortable embrace of the 6100 to 6200 trading bracket it has been stagnating in for over a month. At least Brent Crude has seen its own minor comeback, lifting to $38.50 after yesterday’s lows, allowing the UK oil and mining stocks to edge higher. That’s good news for the FTSE, the first obstacle to a decent day of growth cleared; now all the index has to do is find some semblance of direction in amongst the dreary economic schedule investors have to look forward to this Wednesday.
Whilst the FTSE ticked higher the Eurozone indices got off to another slow start, the DAX and CAC languishing in a rather flat shade of green. The former was likely hurt by the morning’s German industrial production figure; though, at -0.5%, it was much better than the expected -1.8%, it was nevertheless a marked drop-off from last month’s already downward-revised 2.3%. And that’s pretty much it for the Eurozone; this Wednesday has painfully little to offer the markets in terms of data, something that may count against them as the morning progresses.
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