Spreadex Market Update
Banking sector gains keep Europe buoyant despite consistently troublesome growth in the Eurozone
With Rolls-Royce Holdings still soaring (now up over 15%) and Anglo American surging over 12% on reports that X2 Resources is interested in the company’s Brazilian mines the FTSE held onto its title as best performing index this Friday morning. Growing around 1.3%, and crossing the 5600 line in the process, the FTSE is still, however, on track for a pretty dismal week, today’s gains merely mitigating the pain caused by the earlier plunges.
The Eurozone indices were a bit more wobbly than their UK peer this Friday, sporadically halving their top level gains as waves of region-specific GDP data were released. Following Germany’s as forecast 0.3% Q4 figure was a worrying 0.1% increase for Italy, an equally dismal 0.2% rise for Portugal, a recession entering performance from Greece and a disappointing, if expected, 0.3% growth from the region as a whole. The consistently troublesome nature of this morning’s data threatened to spoil the day’s early rebound, only for the DAX (up just over 1%) and the CAC (up just below 1%) to both gain momentum lunchtime approached, aided by a sustained Commerzbank-led recovery in the banking sector.
If all goes to plan the US markets should be joining Europe with a good (but arguably not good enough) display this afternoon, the Dow Jones looking at a 100 point-plus rise at the open. There is plenty of data for US investors to deal with first, however; retail sales are expected to jump from -0.1% to 0.1% month on month, whilst import prices are anticipated to drop to a 5 month low of -1.4%. After the bell, meanwhile, the preliminary UoM consumer sentiment figure is forecast to improve on last month’s now-downgraded (from 93.3) 92.0.
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