Spreadex Market Update
DAX leads European surge ahead of Eurogroup meeting this afternoon
The German index leapt past the 10000 mark and then some this morning, rising nearly 2% after having started the day effectively flat. The CAC was nearly as exuberant this Monday, jumping almost 1.5% to re-cross the 4300 mark. In terms of hard data there was little to inspire the sudden change in Eurozone-tone, especially since the DAX didn’t initially seem taken with the morning’s 10 month high German factor orders figure.
More likely is that signs of positive progress in regards to ongoing issues surrounding Greece, including the implementation of controversial pension and tax reforms by the country’s government and calls for debt relief consideration from the likes of German vice-chancellor Sigmar Gabriel, ahead of the afternoon’s Eurogroup meeting. Of course these meetings have a tendency to disappoint, especially when the matter under discussion is Greece, so it will be interesting to see if the Eurozone indices’ robust rebound can be sustained as the day continues.
The FTSE seemed to benefit from the Eurozone’s surge this Monday, the run-off goodwill causing the UK index to rise around half a percent despite a stubbornly red showing from its mining stocks following another fall in Chinese imports and exports. The FTSE was also aided by its travel stocks easyJet and TUI, the former given an outperform rating from RBC Capital ahead of its half year figures on Tuesday.
Looking ahead to the US open and the Dow Jones faces a bit of a climb if it wants to re-reach the 18000-plus year highs it struck towards the end of April. So far the futures are pointing to a 40 point jump when the bell rings on Wall Street, with only the labour market conditions index data set to be revealed this afternoon.
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