Spreadex Market Update
Slow morning for European markets; bumper afternoon of US data on the horizon
Barely budging from 6360 the FTSE failed to do much of anything this Friday, held in stasis by the conflict between its gently recovering mining stocks and a jittery oil sector, the latter slipping ahead of the weekend’s big meeting in Doha. Making matters worse was a slide from the UK index’s housing stocks, news from the ONS that new homebuilding surged 6.8% in the last quarter countered by the signs of slowing sales shown by sector bigwig Persimmon on Thursday.
Besting the FTSE’s flaccidness with a half a percent drop from both the DAX and CAC the Eurozone spent the morning falling back from yesterday’s fresh 3 month highs. The region wasn’t helped by an unexpected fall in its trade surplus; whilst last month’s figure was revised up to €22.8 billion today’s number, at €20.2 billion, was the worst reading since last December.
At least there is a bumper afternoon of US data on the cards, something that will hopefully enliven the sleepy European indices. Currently the Dow Jones is erring on the side of the same reticence seen by the FTSE; however, if the expected improvements in the Empire State manufacturing index, industrial production and preliminary UoM consumer sentiment figures are achieved then the US index might receive the boost it needs to finally re-cross the 18000 mark.
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