Spreadex Market Update
Rocky Asian session sets up another tough morning for European markets
Seeing the briefest of gains just after the bell the FTSE has already begun to fall this Wednesday, trickling around 20 points lower as the morning got underway. A red-washed commodity sector is dragging the index down at the moment, though if Brent Crude can see a sustained climb above $31 per barrel (with the US crude inventories arriving this afternoon) sentiment may be able to shift as the day goes on.
There is also, finally, some data for investors to deal with; both the UK manufacturing (forecast at 0.0% against -0.4% last month) and industrial (forecast at -0.1% against -0.7% last month) production figures are expected to see an improvement, something that might help the FTSE avoid a woeful Wednesday to join its miserable Monday and terrible Tuesday.
As expected the Eurozone indices saw the same struggles this Wednesday morning, the DAX and CAC both veering between mild losses and even milder gains. Already the French index has had to deal with an unexpected blow, the country’s industrial production figure coming in at -1.6% against the 0.2% forecast by analysts. The German index, on the other hand, is being kept from posting a more dramatic loss by Deutsche Bank, the battle-scarred jumping around 3.5% as investors react to reports the bank is set to buy back billions of euros in debt to reassure the (many, many) sceptics that have driven the company lower this year.
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