Spreadex Market Update
Losses intensify as Monday continues despite solid showing from Brent Crude as investors wait for Draghi to do ‘whatever it takes’
It’s unclear what has inspired this shift in sentiment; general fears over the myriad of macro-maladies currently circling the markets appears to be the driving force this Monday, with this morning’s warning from the BIS and the looming ECB meeting on Thursday only exacerbating matters. There is a chance this kind of jittery trading will continue until Mario Draghi puts the market out of its misery and reveals, for better or for worse, what ‘whatever it takes’ actually means this time around.
Despite the fact that Brent Crude has remained above $39 per barrel for most of the morning (sporadically dipping below that level by a cent or two) the FTSE fell by around 45 points, its commodity stocks reversing their earlier 4-month high hitting gains to instead paint themselves a familiar shade of red. The Eurozone, meanwhile, was even worse; following those gaunt German factory orders and, more recently, an 11 month low Sentix consumer sentiment figure, the DAX and CAC both fell by around 1%, dipping just below last week’s peak.
Following the lead of its European peers the Dow Jones is set to open in the red this Monday, the index looking at a 60-ish point fall when the American session gets underway. There is a similar lack of data from the US this afternoon, meaning the day’s general malaise is likely to continue unless aided by some kind of outside source.
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