Spreadex Market Update
FTSE and DAX eyeing record-breaking end to the week
The FTSE has a fresh all-time high in its sights to cap off a stellar week of trading. Currently the FTSE’s gains are being propped up by its housing sector, with Thursday’s news that housing prices rose in March carrying into Friday morning to boost Zoopla, Barratt Developments, Bovis Homes and Bellway. The biggest winner after the bell, however, was Shire; the pharmaceuticals company leapt into life following the news that its nascent dry eye drug had been given priority preview status. Shire’s US stock had already begun to feel this surge last night, with the UK shares playing catch up this morning.
However the success of record run push, at least pre-US market open, will be the strength of the UK’s manufacturing production figure. The last two months have seen the manufacturing data miss forecasts, so another slip today could provide the death knell for the FTSE’s record-eyeing run. A weak manufacturing figure would also be bad news for the pound; sterling had a tough time of it yesterday following the disappointing news that the UK’s trade deficit has widened. The UK currency has continued on this downward trend this morning, something that could be exacerbated by missed manufacturing targets.
The DAX surpassed its all-time high this morning, as investors continued to be hopeful over an impending solution to the Greek debt situation, whilst French manufacturing flatness was countered by growth in Spain, leading to a positive open for the Eurozone indices. Yet the region looks set to have a quiet end to the week news wise, unless Greece has any nasty surprises in store. Whilst the Eurozone markets rise, the euro continues to suffer at the hands of the dollar as the currency continues to be more shaken over the issues in Greece than its indices peers.
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