Spreadex Market Update
FTSE lifted by oil and pharmaceutical sectors, whilst US investors eye Fed meeting minutes
Tripping at the open the Dow Jones slipped by around 15 to 30 points this Wednesday, a lack of data and hesitation ahead of this evening’s Fed meeting minutes supressing the appetite of US investors. It will be interesting to see what is uncovered with the latest insight into the inner workings of the central bank. Reports of discord between a dovish Yellen and the FOMC’s more hawkish members have only grown in the past few weeks, and investors will likely be keen to see what kind of rhetoric was used by both sides in March’s meeting, especially if it helps provide an idea of when the balance might shift in favour of those supporting a rate hike.
The FTSE, meanwhile, managed to outperform the rest of the major global indices, just about maintaining the half a percent rise is saw at the very start of the European session thanks to two of its key sectors. Firstly Brent Crude’s $39 per barrel-pushing rebound helped to instil the semblance of stability in the oil stocks (even if their mining peers have been dragged down by a one month low-showing from copper). Secondly the likes of AstraZeneca and Shire saw unexpected growth as the day continued, the fallout from the failed Pfizer/Allergan merger causing many to speculate that the former might be go shopping again to satisfy its M&A-thirst.
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