Spreadex Market Update
FTSE manages mild growth despite sinking mining sector, whilst Eurozone nervy ahead of vital Eurogroup meeting
The UK index’s 0.2% rise was in spite of a uniformly useless open from its mining stocks, the sector continuing to feel the heat following last week’s 14th consecutive month of Chinese manufacturing contraction. That loss was slightly offset by a better performance from the oil stocks, Shell nudging higher as Brent Crude eyed $46 per barrel.
Whilst there is plenty to look forward to in the rest of the week (including the latest Chinese inflation figures on Tuesday morning, UK manufacturing production on Wednesday and, of course, a sure to be disappointing Super Thursday from the Bank of England), the data-cupboards are a bit bare this Monday. Sadly for the FTSE that leaves the index at the mercy of its commodity stocks, an unfortunate situation to find oneself in given the current volatility.
The Eurozone indices were similarly tentative in their growth this morning, both the DAX and CAC rising around 0.1 %. It is interesting that the former (stuck around 100 points below 10000) isn’t much higher, the morning already seeing the strongest German factory orders for 10 months. Investors are perhaps a bit nervy ahead of the day’s vital Eurogroup meeting, the region’s finance ministers desperately trying to find a way to avoid the current Greek farce turning into a tragedy. There has been progress over the weekend, with the country implanting the required (and controversial) tax and pension systems amid riots, through whether that will have been enough for the rest of the region to seriously consider debt relief is unclear.
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