Spreadex Market Update
Drab week of trading continues as FTSE drifts unchanged at 6860
Opening around 50 points higher the Dow Jones benefited from a pair of better than expected figures; the usual Thursday jobless claims came in at 266k against the 272 estimated, while import prices arrived at 0.1%, far higher than the -0.2% forecast, with last month’s reading also revised up to 0.6%. Even this 0.3% rise couldn’t put the Dow Jones beyond 18550, the index once again drifting laterally rather than displaying any real sense of direction.
The DAX lost a big chunk of its growth as the day went on, with the German index now up a mere 0.2%; the CAC was more resilient, holding onto a 0.7% rise. The FTSE, meanwhile, struggled to break away from 6860, even as Brent Crude jumped 2% thanks to some positive chatter from the IEA.
At least tomorrow should be a bit more exciting. First of all the markets get an overnight treat in the shape of the Chinese industrial production data (expected unchanged at 6.2%), before the morning sees the European session dominated by second quarter GDP figures from Germany, Italy and the Eurozone as a whole. The afternoon then brings with it the US retail sales data alongside the preliminary UoM consumer sentiment reading. In other words, more market intrigue than has been found in the rest of the week combined.
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