Spreadex Market Update
Markets continue to push new highs
The French economy has suffered from manufacturers slashing thousands of jobs as President Hollande grapples with an economy that has barely grown over the last year. With GDP dropping by 0.3 in the fourth quarter, (worse than the 0.2 forecast), the French economy is in danger of slipping back into recession for the first time since 2009. Manufacturing and services meanwhile are picking up in Germany, according to the Purchasing Manager’s Index.
After Rio Tinto posted its first ever full year loss of £1.9 billion, the new CEO Sam Walsh has vowed to cut costs. Walsh replaced his predecessor after a misjudged aluminium and coal acquisition that led to $14.4 billion in write downs and left the world’s third largest miner in the red. Amongst slashing costs, Walsh plans to spend capital more carefully and focus on shareholder value.
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