Spreadex Market Update
Chinese services slump, fresh Brent Crude lows and North Korean nuclear test continue 2016’s losing streak
If anything, it is fairly remarkable that the FTSE isn’t any lower, its 50(ish) point fall still less than could have been justifiably expected given certain events this morning. The worsening situation in both Brent Crude (now perilously close to dipping below $35.50 per barrel) and copper has, of course, made itself felt on the UK’s oil and mining stocks, the near-insurmountable presence of a loss-filled commodity sector the FTSE’s most pressing issue this Tuesday. Potentially making matters worse will be the UK’s own services PMI, forecast to fall from 55.9 to 55.6, something that will no doubt only exacerbate investors’ current market jitters if proven to be true.
The Eurozone also faces a wave of services data this Tuesday morning, with Spain already drastically underperforming its PMI expectations at 55.1 against the 56.9 forecast. On Monday Spain was the outlier in an otherwise stellar set of manufacturing PMIs, so the region will be hoping that the increasingly problematic country is once again an anomaly in the Eurozone data-landscape. Not that investors are holding out too much hope, the DAX and CAC both barrelling towards a 1% loss as the morning continued.
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