Spreadex Market Update
Chinese chaos meets backbone-less Brent Crude for calamitous European open
Combine China’s current chaos with the backbone-less (and China-exacerbated) performance from Brent Crude (which, after falling 6% yesterday, has collapsed by a further 4.5% this morning to hit a fresh 11 year low) and the global indices have been left in the midst of what is arguably their most calamitous week since the storied trading of last August.
The FTSE, perpetually the whipping boy of its very own commodity stocks, tumbled by over 2% this Thursday, wiping out the 6000 mark to hit a 3 and a half week low, with the oil and mining giants set to duke it out for the title of worst performing sector as the day continues. The bad UK news didn’t stop there: Poundland, which has fallen from all-time highs to all-time lows in less than 12 months, released its latest effective profit warning, sparking an 8%-plus plunge. Marks & Spencer, meanwhile, saw a clothing division decline so bad (a worse than forecast 5.8% fall in like-for-like sales) that it has forced CEO Marc Bolland to step down, something that, admittedly, has been well received by investors.
Of course if you are looking for disastrous declines then the Eurozone is the place for you; the DAX dropped by around 320 points as the day got underway, leaving the German index at fresh 3 month lows, whilst the normally more reserved CAC collapsed by 2.5%. Thursday (and, to be fair, the week as a whole) has seen the kind of aggressively bearish tone that renders region-specific data pointless, this morning’s far better than forecast factory orders, and worse than expected retail sales, from Germany mattering not one jot to investors.
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