Spreadex Market Update
Perky start from European markets as FTSE awaits manufacturing and industrial production data
Climbing by 50 points, but nevertheless remaining firmly within its 6100 to 6200 trading bracket, the FTSE benefited from the usual areas this Friday, namely its oil and mining stocks. For the former a post-$40 per barrel push from Brent Crude has calmed the sector following yesterday afternoon’s decline, whilst for the latter a slight recover from copper (which is still circling one month lows) has seen the likes of Anglo American take back some of Thursday’s losses.
Still to come are the latest UK manufacturing and industrial production figures. Whilst this month’s data misses the current steel crisis, things still don’t look pretty; manufacturing is expected to slip into negative territory (-0.2%) from February’s 0.7%, whilst the industrial production data is forecast to fall from 0.3% to 0.1% month-on-month. Beyond those production figures the goods trade deficit is expected to remain unchanged at £10.3 billion, though there are normally some nasty surprises when it comes to the discrepancies between the UK’s imports and exports.
The Eurozone indices were even more cheerful than their UK peer this morning, the DAX and CAC rising 1% and 0.9% respectively. The former benefited from an unexpected increase in the German trade surplus, jumping to a 4 month high of €19.8 billion thanks to a stronger-than-anticipated 1.3% increase in exports. The CAC, meanwhile, managed its impressive gains despite a sorry showing from its industrial production data, which slumped to -1.0% from last month’s downward revised 1.0%.
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