Spreadex Market Update
Double dose of good news from Eurozone, decent US data and sustained bounce from Brent Crude sees Friday rebound continue
Dancing around a 120 point rise since the bell rang on Wall Street the Dow Jones was aided by a better than expected retail sales figure (at 0.2% against -0.2% last month) alongside a not quite as bad as anticipated import prices number (arriving at -1.1% against the -1.4% forecast). The index even managed to ignore a worse than forecast UoM consumer sentiment figure which, at 90.7, arrived at a 5 month low.
A double dose of good news helped the Eurozone maintain its gains this Friday afternoon. Firstly Deutsche Bank confirmed it intends to buy back (€3 billion of European and $2 billion of US) debt, helping the under-attack company to hold onto an 8% increase on the day. Secondly a Reuters report claimed that the ECB is leaning towards another deposit rate cut in March, simultaneously taking some of the shine off of the (still robust) banking sector whilst shoring up the region’s indices, leaving the DAX and CAC with 1.4% and 1.3% rises respectively.
Whilst the rest of the globe continued to rebound the FTSE surged ahead of the competition this Friday thanks to Brent Crude, with the black stuff gradually encroaching on the $31.50 per barrel level. This, combined with that day-long 15% jump from Rolls-Royce Holdings, saw the UK index rise by around 2%, just about crossing 5650 in the process.
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