Spreadex Market Update
Confetti chaos as Draghi tries to calm Eurozone
Once the cleaners had swept in to tidy up after the paper-flinging protestor, the conference could get under way, with Draghi providing little in the way of deviation from the suspected script. The ECB President used Spain as an example of the strong and consistent recovery the region is seeing, supported in this Spanish instance by positive labour reforms. On the pressing Greek issue Draghi said he was refusing to entertain the idea that the country might default, in either a sign of Eurozone solidarity or misguided wilful ignorance. Draghi then ended on his usual note, claiming that the continued success of this recovery is based on the ‘full implementation’ of the bank’s monetary policy. The Eurozone indices appeared to take little notice, maintaining the same level of gains as before the conference began.
The FTSE continued its record-breaking rally, holding onto its post-7100 levels as its oil and mining stocks pushed the UK index to its new highs. The freshly reached $61 per barrel mark for Brent Crude was allowed breathing room this afternoon after the latest US crude inventories came in at 1.3 million barrels, the lowest figure since the first week of January.
In a showing of strength, the US markets managed to dismiss the dismal industrial production and Empire State manufacturing index figures, both of which saw drastically missed targets, and instead chose to bask in the best NAHB housing index figure since January. This allowed the Dow Jones to reach its highest levels in just over three weeks ahead of the latest unemployment claims figure tomorrow afternoon, a release likely to bring with it more interest-rate hand-wringing from doves and hawks alike.
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