Spreadex Market Update
FTSE and DAX on track for record breaking end to the week
The UK index was supported not only by the sustained growth in property sector stocks like Zoopla and Countrywide and the continual thrust of Shire, but the renewed gains of Brent Crude leading the oil sector higher.
The NIESR GDP estimate came in the same as last month’s figure at 0.6%; however, this figure doesn’t chime with the fears of analysts this morning, who suggested that the UK’s limp production data could lead to a weakened first quarter GDP figure at the end of April, a worry for the Tories considering the UK’s economic recovery has been somewhat of a trump card for Cameron, Osborne and co. in their run ins with Labour.
The DAX was clearly a favourite of investors this Friday, as the German index pushed close to 12400, setting, and subsequently breaking and setting again, its all-time high as the day went on. The absence of Eurozone news, i.e. the lack of Greek drama, was the most important thing the region had going for it this afternoon, with the DAX, as usual, being the biggest benefactor of any Eurozone euphoria. However, with more Greek-reform deadlines looming last week, this boost may be a distant memory come this time next week unless the sweet sounds of compromise arise between Athens and its creditors.
Hawkish comments from Fed member Lacker, who is still firmly in favour of a June lift off, allowed the dollar flex its muscles some more this afternoon, with the pound especially suffering as it sunk to further 5 year lows as the day went on. However despite the greenback’s strength, and the fact it couldn’t match the record-breaking runs of the FTSE and the DAX, the Dow Jones still managed to inch towards 18000 as a better than expected import prices figure allowed for some growth on the US markets.
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