Spreadex Market Update
Markets double down on losses as Dow plunges over 300 points at open
Plunging 330 points after the bell, the Dow Jones joined its European peers for a truly dismal day of trading. That drop has seen the Dow fall through the 15900 mark to touch fresh week and a half lows.
Whilst the European indices had managed to lift away from their midday lows as the afternoon progressed, the US open soon spoiled whatever mild reduction of losses the region had hoped for. The FTSE, continually harmed by Brent Crude’s insistence at trading below $33.50 per barrel, fell by 2.7%, zipping past the 5700 level for the first time since mid-January. The Eurozone, meanwhile, continued to be the source of the day’s largest losses. The CAC dropped by over 3% and now sits a mere 75-ish points above 4000; the DAX was equally as dire, matching that 3% fall to drop below 9000 for the first time since October 2014.
Frustratingly it looks like there is little on the cards tomorrow to change the intensely bearish atmosphere currently suffocating the life out of the markets, with the week’s major events occurring from Wednesday onwards. Of course this could cause a rebound on Tuesday; in the past the indices have recovered from such an extreme sell-off with an equally explosive recovery. Yet with little to distract investors (the German industrial production and US JOLTS job openings figures being Tuesday’s data-biggies) the markets may double down on today’s losses, fear begetting more fear.
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