Spreadex Market Update
European indices stretch gains after solid US open; US trade gap hits 5 month high
The Dow Jones started the American session around 50 points higher than yesterday’s close; whilst those gains are solid, it sees the US index straggle behind the percentage growth of its European cousins. The index was initially hampered by the fact that the US trade gap hit a 5 month high in August, but began to show increasing strength as the open receded into the distant.
The Eurozone markets, meanwhile, managed to stretch their legs a bit this afternoon, with the CAC crossing the 1% growth mark and the DAX seeing some trademark 3 digit gains. The indices were likely boosted by the news that the European Parliament speed up its Greek cash injection by allowing the country to access the €35 billion funding programme early. The FTSE, meanwhile, was lifted by an OPEC-inspired improvement in Brent Crude; the cabal claimed this afternoon that the oil outlook is improving, and that it has begun to see higher demand. This caused the commodity to jump 2% to above the $50 mark, allowing BP and Shell to post healthy gains and therefore help the FTSE to creep up by around 50 points.
Things should be busier tomorrow, with German industrial and UK manufacturing production figures likely to further add to the global economic slowdown evidence file, a file that has been frequently added to in the past few weeks.
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