Spreadex Market Update
Global markets get that Friday feeling as Brent Crude sees 5% rebound
Teasing investors by final re-crossing the 6200 mark with some sense of purpose the FTSE rose by around 1.3% this Friday, a jump that shows, in even these relatively calms times, the UK index still looks pretty fidgety (remember it hit 6060 on Tuesday). The main thrust of the UK index’s growth unsurprisingly came from Brent Crude’s muscular, near 5%, rebound, the black stuff supposedly buoyed by renewed hope that some kind of oil output freeze can be implemented. It shows the weight of the UK commodity stocks that such a rise can push the morning’s truly dismal manufacturing production figures AND a fresh comment from NIESR that the UK Q1 GDP will come in at an insipid 0.3% out of investors’ minds ahead of the weekend.
Like the FTSE the Eurozone indices were clearly enjoying the fact it was the end of the week, the DAX and CAC surging by 1.6% and 1.8% respectively despite very little news to provoke such jubilant scenes. That still, however, leaves the German index a way off of its end of March highs, stuck in the 9650s after grazing 10100 at the end of last month.
Whilst not quite as enthusiastic as its European peers the Dow Jones still saw some chunky gains this Friday, rising around 145 points after the bell to close in on 17700. There wasn’t much for the US markets to work with this afternoon, though a statement from Fed vice-chair William Dudley, who claims he still judges ‘the balance of risks to [his] inflation and growth outlooks to be tilted slightly to the downside’, likely reassured investors that a rate hike won’t be happening any time soon.
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