Spreadex Market Update
Quiet Monday morning leaves markets directionless; Glencore announces double-mine sale
The FTSE quickly fell 25 points as the bell rang as the mild gains in its oil and mining stocks failing to counter the losses seen by the banking and pharmaceutical sectors, with AstraZeneca leading the latter sector lower as it continued to fall following last week’s news that trials for two of its key pipeline cancer treatments had been halted. Glencore climbed just shy of a percent after the bell (even it that figure had gradually fallen from its 3% peak) after the much-beleaguered miner announced it was selling copper mines in both Australia and Chile, the latest debt-reducing move by the company following last week’s zinc production cuts.
The DAX looked a bit better, hovering around 50 points higher than the 10100 mark it hit by the end of last week as the scandalous Deutsche Bank and Volkswagen both continue their (varyingly successful) resurgences. This despite the fact that VW’s UK chief, like US head Michael Horn last week, faces his own grilling, this time at the hands of the Transport Select Committee. The CAC, on the other hand, lack the vigour of its German counterpart, opting instead for a much flatter start to the day.
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