Spreadex Market Update
Commodity and housing sectors drag FTSE lower on quiet Thursday morning
Dropping around 40 points the FTSE once again drifted away from its 14 month highs this morning, in part thanks to the red-laced performance of its oil and mining stocks. An unexpected jump in US crude oil inventories yesterday afternoon dragged Brent Crude back below $44 per barrel, the black stuff taking with it the likes of BP and Shell (the latter falling over 2.5%).
The commodity sector wasn’t alone in its decline this Thursday. Nearing effectively topping the losers table this morning was Berkeley Group Holdings, which plunged just shy of 6% as it was revealed that UK house prices grew at their slowest rate for 3 years across July in yet another sign that the Brexit is beginning to have an impact. Berkeley’s slide was representative of the rest of the housing sector as a whole, with Barratt Developments, Persimmon and Taylor Wimpey all dropping by around 2%.
Over in the Eurozone the movements were far milder, the DAX and CAC both at most slipping 0.1% thanks to the lack of news on offer than any major downward pressure.
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