Spreadex Market Update
FTSE and DAX continue to climb after strong Asian session, OPEC monthly oil report still to come
Rising over 50 points after the bell, once again nearing its 2016 highs, the FTSE and its commodity stocks managed to ignore a fall from Brent Crude to start the day in a healthy shade of green. The black stuff is now threatening to dip below $40 per barrel, the ongoing fears surrounding over-supply (exacerbated by news that Saudi Arabia’s February production was near all-time highs) taking the commodity away from last week’s 3 month peak. Ominously there could be further volatility from Brent Crude as the day continues, the latest OPEC report expected before lunchtime.
Beyond keeping an eye on oil there is little for the FTSE to work with this Monday; not to say it is a quiet week for the UK index. Both the latest jobs report and George Osborne’s annual budget are released on what is set to be a rather busy Wednesday, before Mark Carney and co. release the month’s MPC rate vote on Thursday, ramping up March’s already cluttered macro-calendar.
Surging ahead of even its regional peers the DAX jumped over 200 points this Monday, crossing the 10000 mark for the first time since mid-January. Not that the rest of the Eurozone was slacking this morning, the CAC climbing a respectable 1% after the bell. The Eurozone is one of the few sources of data as the week gets underway, the region-wide industrial production figure (expected to see a rather large rebound to 1.7% from last month’s -1.0%) still to come.
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