Spreadex Market Update
European indices widen gains as FTSE ignores oil sector’s increasing shade of red
The Eurozone was once against the source of most of the morning’s growth, the DAX doubling its early gains to post a whopping 225 point increase; the CAC, meanwhile, was similarly solid, seeing its own near 90 point rise. Today’s trading is in sharp contrast to the post-Draghi plunge of last Thursday, and only so much can be attributed to an improved, but still lower than expected, region-wide Sentix investor confidence figure. No, instead it appears that the ECB president managed to reassure investors at the weekend when he trotted out a fresh riff on his usual ‘whatever it takes’ spiel, stating that ‘there cannot be any limit to how far we are willing to deploy our instruments…to achieve [the central bank’s] mandate’.
The FTSE showed a refreshing resilience this Monday, ignoring the increasingly red shade of its oil stocks (with Brent Crude only intensifying its fall as the morning went on) to instead post a 40 point-plus rise.
Currently the US futures aren’t looking as perky as their European peers, with the Dow Jones set for a mild 15 point jump at the open. Like the rest of the globe this afternoon is looking pretty sparse on the US data front, with the labour market conditions index the only number of note (and even that is debatable). After moving sharply higher following last Friday’s non-farm figure, investors lifted by the ostensible end of the year-long Fed uncertainty, it will be interesting to see if any of that nascent pro-hike sentiment can continue into this week.
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