Spreadex Market Update
Dovish Fed meeting minutes buoys European markets after Dow surge on Thursday
Regardless of the longevity of its gains, this current fecund period for Brent Crude, which has the $54 per barrel mark in its sights after being helped by the dollar-eroding dovishness of the Fed, is doing wonders for the UK commodity stocks. Exuberant trading from the likes of Shell and BP is emblematic of the sector as a whole, with the latter only a few pence away from the £4 level it abandoned at the start of August. The UK mining stocks, meanwhile, where similarly robust, with Vedanta the best performer after it maintained its half year product guidance whilst stating it had seen ‘an improved cost performance and lower net debt’ in Q2. This meant the FTSE could sneak another 35 points higher, holding onto the post-6400 month and a half peak it has been hitting throughout this week.
The Eurozone was similarly cheery this Friday, with the DAX surging past the 10000 mark by nearly 100 points at the open, that growth protected by more gains for the still-troubled German-powerhouses Volkswagen and Deutsche Bank. The CAC, meanwhile, kept its head above 4700 after an unexpected rise in French industrial production, up to 1.6% from the previous month’s -1.1%, continuing the country’s run as the only positively-performing Eurozone nation figures-wise.
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