Spreadex Market Update
FTSE sees new highs whilst Eurozone reverses losses
The continued growth of oil and mining stocks, reflected in BP’s 1.6% gains and Rio Tinto’s 1.7% growth respectively, allowed the FTSE to pick up the pace somewhat, with hope of more stimulus in China and a relatively Greece-free day in the Eurozone also helping the UK index to its fresh highs.
The Eurozone indices managed a minor turnaround after the declines it saw on Monday and Tuesday, with a flurry of positive news boosting the markets. Better than forecast region-wide trade balance figures preceded this afternoon’s ECB conference, where Draghi is expected to discuss the successes of the quantitative easing plan and how likely the central bank is to end the stimulus early. Interestingly, and perhaps most pertinent to the current issues dominating the Eurozone markets, there have been reports that Merkel and co. are readying plans to keep Greece in the Eurozone even if it defaults, a rumour that has no doubt aided the region’s recovery this morning.
In a piece of European news that surprisingly has nothing to do with Greece, the EU hit Google with an antitrust charge in regards to its shopping comparison service alongside announcing new investigation into its Android operating system. There is a sense this morning that this could be a Pandora’s Box moment for the US giant, with this EU charge setting the precedent for further, and more damning, probes into the Google’s search functions down the road.
The US futures followed the positive lead of their European cousins this morning, with the Dow Jones continuing its post-18000 push from yesterday evening. However, there is a string of US economic data this afternoon that could derail the US markets’ gains. Industrial production, following the Chinese lead, is expected to fall, whilst the Empire State manufacturing and NAHB housing market indices are both predicted to see slight increases; it remains to be seen, however, whether these forecasts prove to be accurate given the current track record of American estimates.
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