Spreadex Market Update
Flatter Thursday morning lacking in Shell/BG excitement
The FTSE is going for its 5th day of consecutive gains; however, the index has looked reticent when reaching the upper echelons of the 6000s, struggling to push beyond 7000 like it did at the end of March. With the British Chamber of Commerce claiming that UK businesses are reporting slower growth in Q1 2015, and its oil and mining sectors reversing yesterday’s progress after Brent Crude plummeted last night and copper continued to struggle, the FTSE couldn’t post the robust growth it saw at this point on Wednesday morning.
The Eurozone looks slightly healthier than it did yesterday, with investors seemingly confident that Greece will repay its latest IMF loan instalment. Despite the fund-fearmongering Greece tried to perform last week, the country raised around €1.14 billion on Wednesday by auctioning 6 month Treasury bills, increasing the chances of a successful, and punctual, repayment. This led the Eurozone indices marginally higher after the bell after they were plagued yesterday by the uncertainty surrounding Alexis Tsipras’ rogue trip to Russia.
The big news on Wednesday night once again revolved around a US interest rate hike; the dollar received a minor boost as the Fed minutes revealed a split central bank that hasn’t ruled out a rate hike in 2015. However, the minutes failed to inspire much beyond only slight gains as they continued to highlight the USA’s soft data issue, and how this trend is damaging the chances for a lift off. Yet even marginal dollar growth hampered the performance of the US markets, which only just clung onto their gains after falling off from the highs seen during the day. With this afternoon seeing the latest unemployment claims figure the Fed, and the markets, will have another piece of data to test the strength of the inconsistent, and all important, US jobs sector.
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