Spreadex Market Update
Eurozone turnaround leaves FTSE behind as UK index struggles with 6200 resistance level
Yet it wasn’t all good news. The FTSE quickly turned from the best performing European index to the worst, failing to match the Eurozone’s rapid shift into positive territory. That sluggish performance unsurprisingly sees the UK index stuck at 6200, once again unable to see any sustained rise above that resistance level. The fact that the majority of its oil and mining stocks look fairly perky shows how little appetite there is to push the FTSE above that barrier at the moment, the index’s flat performance at odds with the robust gains seen by its European peers.
Talking of those gains the DAX was the morning’s biggest mover, surging from a 0.8% loss to a 1% rise in the blink of an eye. The CAC was nearly as impressive, the French index now up over half a percent after having fallen by the same amount in the first hour of trading. News that the Italian government is moving to stabilise the country’s shaky banking sector likely provided at least part of the catalyst for the morning’s sudden change in tone, also helping to explain why the FTSE has been left behind.
The Dow Jones is tentatively set to join in with Monday’s gains when the index opens this afternoon, the futures pointing to a 45 point rise (something that would cause the Dow to re-cross the 17600 mark in the process). Like in Europe there is little for US investors to work with this Monday, speeches from Treasury Secretary Jack Lews and Fed vice-chair William Dudley the highlights.
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