Spreadex Market Update
Markets fail to muster much energy on quiet Tuesday morning
A decline from copper, and a subsequent slide from the mining stocks, saw the FTSE go from the best performing to the worst performing European index as the day progressed. It hasn’t been helped by widening losses for SABMiller; after a disappointing trading update this morning, it was revealed that the drinks giant turned down an informal offer from Anheuser-Busch InBev, pushing the stock to a 3% decline as investors start to doubt the likelihood of the almost too good to be true merger. Combine that with a negative turn for Ted Baker, despite a healthy half year report for the clothes company that saw a big increase in US sales, and the FTSE could only manage a barely notable 5 point increase.
Though they flirted with losses soon after the open the Eurozone indices have looked increasingly perkier this Tuesday, with the DAX and CAC both up just shy of a percent. This despite (yet another) slowdown-signalling figure out of Germany, in the form of falling factory orders, and growing indicators of trouble in Spain, with the news that the country will miss its 2015/6 fiscal targets the latest in an increasingly long line of worrying dispatches from the election-eyeing nation.
The US markets don’t look like they will provide much in the way of a market-boosting hand this afternoon, with the futures suggesting a 30 points loss for the Dow Jones after the index’s 300 point, 2-week high reaching surge on Monday.
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