Spreadex Market Update
European markets, the FTSE and US futures continue to decline.
European markets remain in free fall, with the FTSE 100 touching a 12-month low as growth fears rippled into the markets. For a fourth straight session, the FTSE continued to see steep declines, dropping to the lowest level since October. The outlook for global growth prompted investors to trim their exposure to more growth-sensitive stocks. US futures are also in decline, adding to the 300+ point move on the Dow Jones last night. The S&P has been pushed towards the longest losing streak of weekly losses since January.
WTI and Brent continued to tumble further into a bear market as signs of a global glut continued. Demand growth has been slowing for some time now and whilst output is expanding at a moderate pace, this is oversupplying the market. The Organization of Petroleum Exporting Countries increased oil production by the most in almost three years last month.
Gold headed towards the biggest weekly increase since June as concerns the global economy may be faltering boosted the demand for the precious metal. Gold opened the week well below the key $1200 an ounce level and has since rallied towards $1225.
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