Spreadex Market Update
Brexit fears maintain stranglehold on FTSE and pound, US retail sales and import prices to come
Plunging nearly 1.5% the FTSE continued its dire run this morning, falling below 6000 for the first time since the end of February. That means the UK index has lost nearly 400 points in the space of a week, reflecting the stranglehold the EU referendum has started to have on the markets in the last few trading sessions. Failing to bring much joy to proceedings was a disappointing UK inflation reading, which came in unchanged at 0.3% against the 0.4% forecast. Unsurprisingly the pound took found little solace in this stagnant inflation figure, with sterling dropping half a percent against the dollar (but, admittedly, taking 0.2% back off the euro).
The pre-referendum jitters were in no way isolated to the UK this Tuesday; the DAX fell another 1%, taking its weekly losses to around 700 points, while the CAC collapsed by 1.6%, the worst performance of the morning.
Looking ahead to the US open and while the futures have the Dow Jones vastly outperforming its European peers with a mild 0.2% slip after the bell, the index is still stuck in the same losing streak as the FTSE and the DAX. Before the open, however, there are a few pieces of data to deal with; retail sales are expected to fall to 0.4% from 1.3% last month, while import prices are forecast to jump to an 11 month high of 0.8%.
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