Spreadex Market Update
Sparse Monday suffocating markets, DAX/FTSE remain near record highs
For the FTSE, growth in some of its smaller oil stocks as Brent Crude climbs to $59 per barrel is being countered by the losses in the mining sector, with the 15% fall in Chinese exports leading to losses for Rio Tinto, Vedanta Resources and Anglo American. However, copper has managed to hold onto its $2.74-2.75 per pound boundary despite the declines in China.
The lack of economic news, UK or otherwise, is allowing the election to dominate and continue to provide a negative background for the FTSE to trade against. However, whilst this still means the FTSE remains at record highs, this environment was much worse for the pound, with the continued election uncertainty, something that shows no signs of slowing down as we sprint towards May 7th, causing sterling to hit fresh 5 year lows.
The Eurozone progressed from flat to slightly less flat as the day went on. Like the FTSE, the Eurozone indices are being hampered this Monday morning by the lack of news, leaving little to spur the markets on to bigger gains. The fraught nature of the Greek/creditors discussion is, like the UK’s election, providing a draining background to today’s trading; however, relatively minor amount of leaks and backbiting between the involved parties, something of a rarity in recent weeks, means that for now the Greek issue isn’t dragging the Eurozone indices down as the DAX continues to trade around its highs.
The US futures are following the lead of their European counterparts this morning, erring on the negative side but lacking any robust movement in either direction. Looking ahead to this afternoon there seems little of note to spark much more movement then the markets are currently seeing; the Dow Jones is on track to open above 18000, but still at a loss.
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