Spreadex Market Update
Quiet US-free afternoon leaves European indices with solid, if unspectacular, gains
It’s hard to say much about the indices this afternoon. The lack of action from Wall Street, as well as a dearth of European data, meant there was little for investors to work with, and likely contributed to the fairly muted trading atmosphere that crept in as the day went on. The Eurozone’s gains were solid, if unspectacular, with the FTSE posting similar growth. The UK index was somewhat lifted by a surging Glencore, with investors pleased by the debt-reducing intentions it announced this morning; in fact, a decent day for copper meant the majority of the FTSE’s mining sector posted healthy growth, with Lonmin the notable exception.
However, there was enough drag on the FTSE to ensure the index couldn’t get too excited. As expected, Associated British Foods has been hit by its sugar-industry struggles, with its profits set to fall despite the ever-increasing good fortune of its clothing subsidiary Primark; Bwin.Party, meanwhile, is set for its second consecutive (trading) day of heavy losses, with investors seemingly disgruntled that the company plumped for a takeover by GVC instead of 888 Holdings.
Despite another wobble by the Shanghai Composite this morning, the European indices appear to have held off the spectre of more China-inspired losses this Monday. It will be interesting, then, to see how the return of US trading affects proceedings; of course, a lot of that will be dependent on the state of Tuesday’s Asian session, but the US markets themselves will carry a lot of sway in terms of the direction of trading, especially due to America’s delayed reaction to the latest Chinese action.
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