Spreadex Market Update
FTSE sees early rebound as pound settles near yesterday’s lows
The European indices seem to have been helped by the dovish Fed meeting minutes on Wednesday, the US central bank appearing to rule out a rate hike until the toxic trifecta of weak wage growth, limp non-farm payrolls and post-Brexit market mayhem are in some way resolved. It may not be great news that the Fed are too scared to act, but investors seem to be taking silver linings wherever they can find them.
The FTSE saw the biggest rise this morning, jumping 1.3% to re-cross the 6550 mark. Strong recoveries from the previously battered banking and property stocks provided the thrust of the early growth, helping cable steady itself around $1.295. Still to come is the manufacturing and industrial production data, figures that could well derail the FTSE’s rebound; the former is forecast to plunge to -1.2% from 2.3% last month, with a similar drop to -1.0% from 2.0% for the latter.
Like the FTSE the Eurozone took back a chunk of its recent losses this morning, the DAX and CAC rising by 0.8% and 1.3% respectively. While the region doesn’t provide much in the way of data, the morning does see the release of the latest ECB meeting minutes, which could give investors an insight into how fearful the central bank was pre-Brexit.
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