Spreadex Market Update
DAX holds onto growth despite Eurogroup finance ministers shifting focus to May 24th meeting
Surging around 1.3% (dropping from the 2% highs seen around midday) the DAX remained the market-leader, joined by a 1% jump from the CAC. The indices appears to be running on the continued goodwill arising from a 10 month high German factory orders figure and the increased hopes of avoiding a Greek calamity over the summer. Not that it looks like much will be sorted this Monday, with the likes of Germany’s Wolfgang Schauble, Ireland’s Michael Noonan and Eurogroup President Jeroen Dijsselbloem pointing to the meeting on May 24th as the key data in the current iteration of the Greek debt saga.
Whilst its European peers held onto their robust rebound this Monday the FTSE found itself falling back towards flatness as the day went on, the index struggling with the intolerable weight of its commodity stocks. With Brent Crude abandoning its early gains BP and Shell joined took a dip into the red, whilst the miners doubled down on their China-inspired morning losses, the likes of Anglo American and Lonmin seeing double-digit declines.
The Dow Jones saw a rather insipid start to the US session, the index opening a mere 15 points higher. The Dow needs to up its game if it is to re-reach 18000 any time soon, though it may be hampered by a sparse economic calendar as the week goes on, Friday’s retail sales figures the only number of note.
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