Spreadex Market Update
European equities continue to move lower this afternoon
European equities continue to move lower this afternoon, with the FTSE 100 down 50 points at 6,570. Market participants are reacting to slowing demand for equities, perhaps ahead of the anticipated repricing of interest rate-sensitive securities. And with alternatives to equities presenting themselves as the likelihood of rates rising increases, investors are demanding greater risk premia. This happens acutely in sectors where margin depression occurs, such as with the grocers; their income generating properties are being eroded as profitability is squeezed through an expansionary phase of discounting and CAPEX.
Meanwhile, the US equity market is also suffering malaise. The Dow Jones Industrial Average will open lower today, following the ADP print. The report showed American companies added 213,000 workers September versus the 205,000 expectation.
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