Spreadex Market Update
FTSE and DAX get off to slow start while Japan sees stagnant Q2 GDP
As Europe tries to get the sleep out of its eyes Asian investors have already been very busy. A woeful second quarter GDP figure from Japan, with the country not seeing any growth at all between April and June (compared to the 0.2% forecast and the 0.5% in Q1), was the biggest news of the overnight session, that stagnation suggesting the ongoing Abenomics programme is failing to have the desired effect. On a similar, if slightly more positive, note, China’s perpetual slowdown (evidenced once again last week with its latest round of data) has helped send the Shanghai Composite to 7 month high as investors prepare themselves for another round of stimulus.
Despite all this action in Asia the European indices failed to find any momentum whatsoever after the bell. The FTSE was flat at just below 6920 (still at an effective 15 month peak), while the DAX ticked around 20 points higher to near 10750.
Monday is somewhat of an anomaly this week; between Tuesday and Friday there is a wealth of data from around the globe, most importantly including a few post-Brexit figures for the FTSE to handle. Today, however, the markets will have to contend with the same sloth-like, if high-hitting, trading that defined last week.
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