Spreadex Market Update
FTSE falls from morning peak as Brent Crude slides on Iran intransigence
Now up around 35 points, 20 away from its morning peak, the FTSE nevertheless is holding onto its growth thanks to a largely green commodity sector. However, Brent Crude seems to be trying its hardest to prevent the FTSE from hitting fresh 2016 highs this Monday, the black stuff plunging 1.6% as Iran remains intransigent on the issue of an oil output freeze, the country stating it would only consider said freeze once its own output reaches 4 million barrels a day. Combine that with reports that Saudi Arabia’s own February levels were near all-time highs and last week’s suggestions that oil has found its bottom may have been a bit premature.
Like the FTSE the Eurozone indices couldn’t quite keep up the robust pace set in the early hours of trading; however, both the DAX and CAC remained in good health, rising 1.6% (taking the German index back below 10000) and 0.7% respectively. Though they might not be at their morning’s peaks the Eurozone indices nevertheless received some more good news this Monday, the region-wide industrial production figure not only outperforming expectations at 2.1% against the 1.7% forecast, but also seeing last month’s number revised up to -0.5% from the initial -1.0% reading.
Yet looming on the horizon is a negative start from the Dow Jones, the index currently set for a 40 point fall at the open. It looks like US investors may have caught the same pre-central bank jitters that plagued the Eurozone at the beginning of last week; whilst Wednesday’s statement from the Fed is unlikely to bring a rate hike, inaction isn’t completely guaranteed, explaining the slight reticence seen currently in the futures.
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