Spreadex Market Update
FTSE fails to capitalise on smashed manufacturing/industrial production expectations, Brent Crude surge
In regards to the commodity sector the key UK oil and mining stocks were all higher this Wednesday, largely thanks to the latest surge from Brent Crude. Rising by nearly 1% the black stuff is now grazing $51 per barrel for the first time in around 8 months, continuing its fairly remarkable recovery from its mid-January nadir (though the afternoon’s US crude oil inventories figure always has the capacity to spoil the party).
Data-wise, meanwhile, the UK received an unexpected boost in the shape of its manufacturing and industrial production figures. Both were forecast to fall to 0.0% for April; instead the former jumped to a 2.3% with the latter hitting 2.0%, over a 4 and a half year high for each. Yet the FTSE couldn’t manage to capitalise on the good news, remaining stuck at around 6280.
With the FTSE stagnant and the DAX and CAC both chugging along at a loss of half a percent the market could really do with an injection of energy from the US open. Sadly it doesn’t look like it is going to get it, the Dow Jones futures pointing to a meagre 0.1% rise after the bell. That could change, however, if the JOLTS job opening number helps soothe the US economy fears that arose from last Friday’s non-farm payroll data.
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