Spreadex Market Update
Muted trading atmosphere on near data-free Monday, FOMC meeting remains focus
Despite increasing copper-inspired losses for KAZ Minerals, Lonmin and Glencore, the strength of Rio Tinto and Anglo American helped preserve the majority of the FTSE’s gains, with the former boosted by comments from CEO Sam Walsh stating that China’s economic reassurances should be believed. It leaves the FTSE as the morning’s best performer index-wise as it continues to trade around the 6150 level it solidified across much of last week.
The Eurozone couldn’t match the UK index’s growth; the DAX and CAC spent most of the morning flat, even with a region-wide industrial production figure that, at 0.6% month-on-month, was double what analysts were expecting. Part of the muted trading atmosphere around the Eurozone could, arguably, be attributed to the upcoming Greek election on Sunday, with the Syriza and New Democracy barely separable in the polls. Whilst the result shouldn’t impact the recently agreed deal, a change at the top would bring an extra dose of instability just as the Greek saga appeared to have cooled.
As mentioned, the US futures aren’t providing much guidance for this afternoon, beyond a continuation of the morning’s subdued trading. Currently the Dow is set to open around 50 points higher, but with the potential for those gains to have disappeared by the time the Wall Street bell rings. That is perhaps understandable; the outcome of Wednesday and Thursday’s FOMC meeting is still unclear, leaving investors with the unenviable task of trying to second guess the central bank.
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