Spreadex Market Update
Little change as morning continues, with only a couple of hours until Draghi either buoys or breaks investors’ spirits
Remaining rather flaccid as lunchtime approached the DAX and CAC saw relatively little action this Thursday morning, investors understandably holding off on expressing too much of an opinion until after Draghi has revealed what he has in store. It will be interesting to see how much both Draghi and investors have learnt since that disappointing December press conference, the former in regards to what is required to satisfy the markets and the latter in terms of making sure their expectations and the reality of the situation are in line. Given the rather tense trading seen this week in the run up to today’s meeting it looks like the markets may have learnt their lesson; now it’s down to Draghi to avoid December’s ostensible mistake this time around.
Whilst its Eurozone peers failed to see much movement this Thursday the FTSE was on the negative side of things, declines from Brent Crude and copper (both, however, still near their recent highs) causing a loss-filled commodity sector and subsequent 35 point fall for the UK index.
With Europe preoccupied with this afternoon’s ECB meeting the US markets seem slightly more positive this Thursday, the Dow Jones facing a 45 point rise at the open. An incredibly quiet week of US data picks up slightly before the bell is rung on Wall Street, the latest jobless claims figure expected to fall back to 272k from last week’s 278k.
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