Spreadex Market Update
Commodity surge ensures Monday’s gains continue into US session
Jumping over 90 points after the bell, approaching 17900 in the process, the Dow Jones quickly joined in with the FTSE-led party this afternoon. It seems that the index has been quick to put last Friday’s non-farm nightmare behind it, though investors may also be indulging in the fact that chances of a June (and even July) rate hike have been severely reduced. Investors may get an insight into how true that line of thinking actually is early this evening, however, as Janet Yellen gives a speech in Philadelphia.
Continuing to barrel forward with some fairly chunky gains was the FTSE, now up nearly 1.5% despite the increased Brexit uncertainty (and subsequent pound-pummelling, which has admittedly eased slightly) that defined the morning’s headlines. The UK index had the commodity sector to thank for its rise; with Brent Crude approaching $51 per barrel the likes of BP and Anglo American erupted into life, jumping 3% and 11% respectively.
With little of their own to deal with the Eurozone indices followed the lead of their UK and US peers this Monday, the DAX and CAC rising by around half a percent each. The region has a bit more to work with tomorrow, as the German industrial production and French trade balance figures are released.
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