Spreadex Market Update
FTSE begins to drift thanks to Wednesday’s empty economic calendar
Dropping by around 20 points there isn’t much for the FTSE to do this morning. An empty economic calendar leaves it lacking any real direction, meaning the index has once again become susceptible to the movements in the oil sector. BP and Shell have dropped 0.7% and 0.9% respectively following another half a percent slide from Brent Crude, with the black stuff still stuck under $45 per barrel; interestingly one of the main pieces of data this Wednesday is the latest crude oil inventories figure from the US, meaning there could still be some more movement in the sector before the day is over.
The pound, on the other hand, used this morning as a moment of respite, recovering 0.3% against the dollar to re-cross 1.30. It wasn’t so lucky against the euro, however, remaining on the wrong side of 1.17 after a relatively flat open.
Over in the Eurozone the situation was fairly similar, with both the DAX and CAC slipping by 0.2% apiece. There was some drive behind the latter’s decline, however; the latest French industrial production reading saw an alarming -0.8% plunge in June, far worse than both the -0.5% seen in May and the 0.3% forecast by analysts.
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