Spreadex Market Update
FTSE maintains mild growth as Brent Crude sees Kuwait-inspired rebound, whilst pound falls on IHS Brexit report
Climbing half a percent higher the FTSE continued to benefit from Brent Crude’s early rebound, the black stuff closing in on $39 per barrel as hopes of progress in Doha later in the month received a boost after some bullish comments from Kuwait in regards to an oil output freeze. The pound wasn’t’ so lucky; given that any reminder of the potential for such a situation spooks sterling, a report from IHS suggesting there is a 35-40% change that the UK will leave the EU following the referendum at the end of June was only bad news for the currency, cable falling by 0.5% and dipping a toe below $1.41 (a near 2 week low) in the process.
Whilst the FTSE settled into a fairly solid rebound the Eurozone was more mixed as the morning went on, the DAX slipping by 0.3% despite decent gains seen elsewhere in the region. The reason for the index’s slight slip is likely Germany’s lacklustre industrial production performance earlier in the day, the better than expected -0.5% still enough to disappoint investors.
The Dow Jones looks set to follow the FTSE’s lead this afternoon, the futures pointing to a near 50 point increase at the open. Like the rest of the West the US provides painfully little in the way of data this Wednesday, the main event the evening’s Fed meeting minutes release.
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