Spreadex Market Update
Quiet Thursday afternoon sees mild gains for Europe, but weak open for Dow Jones
The US jobless claims figure since the end of July, coming in at 263k against 277k last week, arguably kept the Dow from joining in with the afternoon gains, even if the number will have little bearing on any Fed rate hike decision. Talking of the Fed, investors will get a bit more insight into where the central bank stands this evening, when the FOMC minutes from the fervently awaited, if eventually disappointing, September meeting are released.
UK investors got a glimpse into their own central bank this Thursday, as the Bank of England released the minutes of its (unchanged) decision on interest rates. As expected Ian McCafferty was the lone hawk; more notable was the BoE’s claim that inflation will remain below 1% until spring 2016, with the slightly more positive forecast that Q3 GDP will be at 0.6% compared to the 0.5% NIESR estimate provided yesterday. The fairly dovish release meant that the FTSE could hold onto its 40 point climb, not straying too far from Wednesday’s 7 week highs.
Despite the raiding of its offices in Germany, and a congressional grilling for US chief Michael Horn, Volkswagen managed to maintain its gains this afternoon. Deutsche Bank wasn’t so lucky; after surprisingly analysts by posting growth this morning, the weight of its $7 billion third quarter loss dragged it back into the red as the day went on. This meant the DAX was able to putter along with its 30 point increase, but couldn’t sustain itself whenever it popped its head above the 10000 mark parapet.
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