Spreadex Market Update
Thursday to forget for global markets as Brent Crude retreat leaves commodities in the red
While the Dow Jones staved off the kind of losses seen in Europe the index nevertheless dropped nearly 70 points after the bell, once again taking it away from the 18000 landmark it struggled to cross with much conviction yesterday. The US didn’t offer much in the way of intrigue this afternoon, though the usual Thursday jobless claims, at 264k, saw its slowest growth since September 2010. That will have gone some way to reassuring investors about the state of the US economy following last Friday’s noxious non-farm payroll, though clearly not enough to make any material impact on the Dow’s performance after the bell.
There was little change over in Europe. Despite the goods trade deficit surprise, Brent Crude’s retreat (the black stuff trickling below $52 per barrel) held more sway over the FTSE, the index slipping by nearly 1% as its commodities plunged into the red. The DAX was just as bad, falling 1%, though the CAC did see its losses halve as the day went on, investors perhaps taking note of this morning’s 5 year high French non-farm payroll reading.
Frustratingly tomorrow looks set to be just as bland as today’s trading, even if there is slightly more for investors to work with on the data-front. The German inflation and French and Italian industrial production figures fill out the morning, while the US preliminary UoM consumer sentiment and inflation expectations readings occupy the afternoon.
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