Spreadex Market Update
Commodity collapse and Yellen uselessness drags markets into the gutter
The US open made an already ugly European session even worse, with the Dow starting the day down by around 170 points following an unchanged 276k jobless claims figure and a better than expected JOLTS job openings number. There is every chance that Yellen’s lack of rate-hike commentary in her opening remarks at the ‘Monetary Policy Implementation and Transmission in the Post-Crisis Period’ conference in Washington actually made matters worse, investors’ appetite supressed by another missed chance to provide the markets with a bit of clarity.
With copper hitting a fresh 6 year nadir, and Brent Crude threatening to dip below $45 per barrel, the FTSE plunged 100 points to hit its own 6 week slump this afternoon. Of course the main thrust of these losses came from the commodity carnage that only intensified as Thursday continued; chuck on top of that the day-long Rolls-Royce horror and a selection of shoddy stocks (namely Spire Healthcare and Halfords) and there was no way the UK index could escape the gutter as the day went on.
There was no solace to be found in the Eurozone; the DAX haemorrhaged 120 points whilst the CAC, so far this week one of the region’s more resilient stocks, approached its own 3 digit dump in a sharp come-down from last week’s post-5000 highs. It now falls to the region’s GDP figures tomorrow morning to try and restore the positive sentiment that saw both the German and French indices cross their own landmark levels so recently.
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