Spreadex Market Update
Monday morning nerves at the start of Fed week
Whilst Wednesday’s is the week’s biggie, with its potential rate-hike arrival courtesy of the Federal Open Market Committee, and Tuesday sees the UK and US inflation figures, Monday is as milquetoast a way start to the week as possible, a near data-less day leaving investors to wallow in their pre-Fed jitters.
Despite better than expected Chinese industrial production data at the weekend Brent Crude is continuing to trade at 7 year lows, hovering around $38 per barrel as the day got underway. However, its relative flatness this morning is something of a relief after the commodity fell by around 13% last week, allowing a spattering of green across the FTSE’s oil and mining stocks. In terms of the UK index itself, the general (if tentative) gains for its commodity sector have seen it jump around 25 points at the open, just about lifting it away from its 2 and a half month lows.
The Eurozone indices saw similar gains this morning, both the DAX and CAC rising by over half a percent after the bell. The region is a bit busier than the UK this Monday, with industrial production figures (expected at 0.3% against the -0.3% seen last month) followed by a speech from Mario Draghi that, whilst unlikely to throw up much of interest, could move the markets if the central bank president drops in any nuggets relating to an expansion of ECB QE.
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