Spreadex Market Update
Dow joins DAX and FTSE with Friday gains; FOMC meeting + US inflation looms next week
With US import prices coming in at a better than expected at -0.3%, the best figure in 5 months, there was no impediment to the Dow Jones matching the gains seen in European this afternoon, the index rising by 150 points after the bell. It’s largely been a week out of the spotlight for the US markets, but that is soon to change, with both the latest inflation figures and, more importantly, the month’s FOMC meeting arriving next Wednesday. The furore that surrounded the Eurozone in the run up this Thursday’s ECB meeting is likely to be matched by similarly tentative trading from the Dow et al. next week, as investors wait and see if the Fed has anything unpleasant in store.
There was a rather odd sight over in the Eurozone this afternoon, with ECB vice president Victor Constancio issuing a blog post entitled ‘In Defence of Monetary Policy’, effectively a rebuttal to the violent market movements seen in the aftermath of Draghi’s stimulus announcement. Yet it seems to have only given investors an extra reason to maintain the day’s gains, the DAX and CAC both holding onto their 2.5% increase.
Basically unchanged, the FTSE maintained its 1.4% increase this Friday, seeing slight rises and falls dependent on how close to $41 per barrel Brent Crude was at any given time. Whilst its commodity sector looks set to end the week in the green, things could have changed by Monday morning, with China likely to post a fall in industrial production over the weekend.
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