Spreadex Market Update
European markets jittery with Volkswagen press conference to come
Despite a broadly green set of oil and mining stocks the FTSE fell by around 20 points after the bell, dragged down by disappointing earnings reports from the likes of Sports Direct and Whitbread. (down 6% and 3% respectively). Still to come this morning is the UK trade balance figure, with the deficit expected to widen to £9.8 billion from £9.4 billion, alongside this month’s Bank of England rate vote. As ever the main question is, will anyone cross the hawk/dove divide and join Ian McCafferty on the pro-rate hike side of the Monetary Policy Committee? Analysts don’t seem to think so, the consensus expecting McCafferty to remain the MPC’s lone hawk.
Over in the Eurozone disappointing French non-farm payroll and inflation data wasn’t sufficiently countered by a better than anticipated rise in industrial production, initially leading the CAC 20 points lower as the day got underway. The DAX followed suit, falling by 55 points only to shrink its losses as the open receded into the background.
The biggest event for the region this Thursday will be the morning’s Volkswagen press conference, the car giant set to update the markets on its ongoing emissions scandal. Yesterday it was revealed that only 36,000 cars (compared to the initially estimated 800,000) have been affected, sending VW’s shares around 7% higher; it will be interesting, then, if the company will have any more good news for investors, or if Wednesday’s little nugget of information was merely to soften the blow of whatever it reveals today.
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