Spreadex Market Update
Quiet Monday morning sees Brent Crude’s decline accelerate
Now up by a meagre 5 to 10 points the FTSE remains at the mercy of its commodity stocks, the majority of which continued to trade in the red as Monday chugged along. Another near 2.5% drop for Brent Crude (which had dipped its toes into the green earlier in the day) was the catalyst, though interestingly it was the mining, not oil, sector that contained the biggest losers, with Lonmin (down 7%) leading the pack after the South African government became the largest shareholder in the beleaguered stock.
The Eurozone indices, especially the CAC, were slightly perkier than the FTSE, the French index (in something of a rare sight) outperforming its German peer, posting a 35 point raise to the DAX’s 20. The region appears to have held onto its gains due to a better than expected industrial production figure, matching the 5-month high announced in September after coming in at 0.6% against the 0.3% forecast and the -0.3% seen last month.
After starting the day off so strongly the US futures have gradually lost most of their vigour, the Dow Jones now looking at a significantly weakened 45 (down from around 120) point jump at the open. The US has little to offer this afternoon, continuing the day’s data-less trend, meaning investors will be left mulling over Wednesday’s potential (but increasingly likely) rate-hike with little distraction, something that, combined with the current commodity volatility, could cause some interesting movements as the day continues.
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