Spreadex Market Update
Lack of data causes market jitters to intensify, exacerbated by weak US open
The Dow, as expected, gradually saw the gains the futures were promising disappear as the bell approached, with investors not willing to carry much risk into the American session proper. And that’s somewhat understandable; there was no real news to work with this afternoon, nothing to de-fog the market-confusing mist surrounding the Fed’s current position in regards to a September rate-hike. Tomorrow afternoon could help provide some much needed clarity, as the US releases its Empire State manufacturing index, industrial production and retail sales figures; then again it could not, with analysts expecting another muddled set of numbers.
Once up over half a percent, the FTSE turned the other way after lunchtime to dip below 6100. The widening losses in copper and Brent Crude eroded any resilience from Anglo American, Rio Tinto and BP, worsening the sector-wide declines and, in the process, dragging the UK index to a near-week low. A return to 0% inflation is likely what will the FTSE will have to deal with on Tuesday, unless China has any more surprises up its sleeve before the European open.
The Eurozone, meanwhile, was a mixed bag; the CAC, flat for the majority of the morning, fell by half a percent, whilst the DAX clung onto some very mild gains to support its 10150 level. There could be some bigger movement tomorrow morning as investors react to this evening’s Greek election debate between Syriza’s Tsipras and New Democracy’s Meimarakis; the polls suggest the race will go down to the wire, so this final TV debate could provide a decisive moment as Tsipras moves to defend his record as leader.
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