Spreadex Market Update
European equities continue to hold onto early gains
European equities continue to hold onto early gains as investor confidence drips back into the markets. European stocks were helped on better-than-forecast profit reports from EON and Swiss Life. The FTSE remained up 23 points, with gains capped by a combination of ex-dividend stocks and as investors analysed the Bank of England inflation report.
During the Bank of England’s inflation report, Mark Carney forecast that wages would grow slower than previously expected. Data showed that British wages suffered their first fall in more than five years in the second quarter of 2014. Expectations were for a decrease in wages of -0.1% but the actual figure came in below, at -0.2%.
US retail sales also failed to meet expectations. Retail sales were forecast to expand by 0.2% in July but the primary gauge of consumer spending showed an unchanged reading at 0%. Markets traded slightly softer following the figure whilst the euro strengthened against a weakening dollar. The worst performing figure in six months was due to decreased car demand and tepid wage growth which has retrained US consumers from spending.
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