Spreadex Market Update
Shell/BG deal continues to prop up FTSE’s gains
Nevertheless, it’s the FTSE’s fourth consecutive positive day of trading, and there is one clear reason for the index’s strong performance this Wednesday: Shell. In an otherwise quiet morning, the Shell/BG takeover continues to dominate proceedings, with the move inspiring confidence in a sector that is notoriously choppy, causing big gains not only for BG but for Tullow Oil, Ophir Energy and Shell rival BP as well. This despite a slight fall in the price of Brent Crude, which is only just holding onto the $58 per barrel level hit yesterday.
Elsewhere, this morning saw the latest 12 week figures from Kantar showing the changes in supermarket rankings. The slips in market share by Tesco, Asda, Sainsbury’s and Morrisons all seem to have gone in one direction as Aldi once again overtook Waitrose to become the UK’s 6th biggest supermarket despite the latter’s own growth, with the Co-Op the next target in the German company’s sights.
Over in the Eurozone a weak region-wide retail sales figure unsurprisingly failed to spark any life into the indices as the region turned flatter as the day went on. All in all it’s been a very quiet day for the Eurozone, with little news coming out of Moscow beyond the Greeks’ reiterated denial that they have asked for financial aid from Russia. This afternoon should bring some more dispatches from the Great Bear, and with it the chance for some market movement as it becomes clearer what Tsipras’ intentions are.
The US futures have remained rather tentative throughout the morning, with little to push them higher. However, comments from Fed member Dudley this afternoon alongside the more important reveal of the Fed’s last set of meeting minutes this evening should provide the US markets with more fat to chew on and, hopefully, shed some more light on the inner-debate raging in the Fed over when, and how quickly, to raise interest rates.
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