Spreadex Market Update
Markets ignore Chinese inflation miss to post mild gains
Things could have been worse; falling from 1.6% to 1.3% month-on-month the markets got another dollop of disappointing Chinese data this morning, joining the weak trade figures from the weekend. The fact that this slide, which puts China’s CPI at its lowest since June, failed to cause too many issues as the day got underway arguably shows the progress the markets have made since August. Even the Shanghai Composite coped fairly well, falling a mere 0.2% as investors got caught between fears over weak inflation and the hopes of fresh stimulus said fears inspire.
Over in the Eurozone, an as expected 0.1% rise in French industrial production, combined with an upwards revision for the previous month, helped the CAC jump 20 points. The DAX, meanwhile, saw its own milder 15 point gain as it began to recover from yesterday’s bad Greek dream (which, incidentally, still hasn’t been resolved). Over in the UK and a mixed to positive morning from its commodity stocks (something the index might want to relish with the troublesome Chinese industrial production figures coming tomorrow) and a strong showing from some of its key stocks meant the FTSE started the day around 25 points higher.
ITV was one of the morning’s winners; rising 1.5% after the bell, the UK media company saw a healthy boost from the Rugby World Cup in its third quarter, helping ad revenues rise 8%, whilst posting a 28% increase in revenue for the 9 months to September. On the other side of the green/red divide was Wolseley; the plumbing and heating goods giant saw a 3.2% total like-for-like sales rise countered by a 21% fall in its UK trading profit, causing the stock to fall 4.5% to a month low of £36.38.
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