Spreadex Market Update
Futures signal better FTSE 100 open
As the new trading week begins in Europe, futures are signalling a slightly better open with the FTSE expected to open up 50 points or so. We are in an extremely familiar position whereby market participants cautiously await new market drivers as Fed stimulus withdrawals and Chinese data weighs on global indices.
Asian shares outside of Japan posted further losses as poor Chinese manufacturing data spooked investors. With fears over a mounting cash crunch in Chinese banks still prominent, this latest blip has done little to calm the minds of investors struggling to find the confidence to enter equities.
Despite the massive sell-off endured over the past couple of weeks, it is worthwhile pointing out that the Dow Jones has had its best first half to a year since 1999, the dotcom bubble. Gold meanwhile is trading over 26.5 percent lower from the open on January 1st as worries over the Chinese economy weighs on the commodity. Additionally, the withdrawal of Fed stimulus has seen a savage sell-off of the normally dependable metal.
Introduced by George Osborne as the “outstanding central banker of his generation”, Mark Carney is set to start his role as governor of the Bank of England today. In his first week in the job, Mr Carney will chair the MPC's monthly meeting. It is here that the tone will be set for the rest of his five-year tenure, and the notes of the meeting published two weeks later will give an important insight in to how receptive the rest of the committee is to his ideas.
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