Spreadex Market Update
Quiet Friday morning for European indices as markets wait for non-farm afternoon
The surprising aspects of yesterday’s deluge of Bank of England helped push the FTSE a bit higher by the end of the day, but with the weight of its mining stocks constantly keeping the UK index in check. This morning things are looking slightly better in the commodity sector, leaving the chance for a recovery in the oil and mining stocks. So far, however, investors aren’t quite willing to buy into it yet, given how quickly the commodity sector has turned of late, leaving the FTSE pretty limp after the bell. With the UK’s trade balance expected to worsen, the UK index might struggle to improve much on its current 2 and a half week high.
The DAX had a dismal start to Friday; a fall in the German trade balance was exacerbated by a huge miss in the country’s industrial production, from 0.3% expected to -1.4%. This left the DAX as one of the worst performing European indices as the day’s trading got underway, with the CAC not too far behind after France’s own disappointing, if not quite as extreme, drop in its industrial figures.
And that’s sort of it for the Eurozone; what was once a hotbed of frankly insane volatility has become eerily quiet over the past fortnight, and data-wise at least there is nothing this Friday to change that. Assumedly no news is good news in regards to the third bailout negotiations in Greece, but beyond the odd comment from the IMF (or a chipper Juncker) it is hard for the markets to truly ascertain the state of play. This calm has, however, allowed for a gradual collection of gains for the Eurozone indices, with the DAX and CAC, like the FTSE, sitting at 2 week highs.
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