Spreadex Market Update
FTSE flirts with 7000 as Shell/BG dominates proceedings
News that food, clothing and electrical goods prices had hit a 9 year low only helped the FTSE continues its post-Easter gains, with the election still failing to dent the index’s strength despite the results only being a month away. Later today sees the latest Bank of England credit conditions survey; it will be interesting to see how much correlation there is between the level of confidence the BoE report will suggest and the low prices the BRC-Neilsen index has announced.
However, the biggest news in regards to the FTSE had nothing to do with national matters: last night Royal Dutch Shell announced it was buying BG Group for £47 billion, sending BG’s shares through the roof whilst slightly dampening the numbers over at Shell itself. This led the FTSE’s oil stocks higher, bar the declining Shell, as chinks of light start to appear over the sector.
Things were quieter in the Eurozone following yesterday’s robust gains, with the realities of Alexis Tsipras’ visit to Russia appearing to sink in. The morning got off to a weak start with German factory orders sharply missing forecasts and with only region-wide retail sales later today to distract from the Greek trip to Moscow the Eurozone indices have slipped into declines. As Greece’s financial situation worsens, it looks like it is trying to use its relationship with Russia as leverage for some kind of movement from its creditors, who have been very quiet so far this week. After claims that funds will run out on Thursday appear to have receded into the background, and the country’s reparations claims being largely laughed off by the Eurozone community, it remains to be seen whether this latest attempt to ruffle the feathers of its creditors will have the desired effect.
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