Spreadex Market Update
Muscular rebound from European indices, UK inflation positive for first time since July
As expected UK inflation came in at 0.1%, the first positive reading since July; it appears this number, whilst unsurprising, has allowed the FTSE to continue to climb away from yesterday’s 3 year nadir, jumping 90 points to around 5965. Of course Brent Crude’s own rebound, crawling back to just shy of $38.50 per barrel after hitting fresh 7 year lows throughout Monday, has been the main catalyst for Tuesday’s super-charged gains, the current green tinge to the oil and mining stocks giving the UK index some much needed breathing room.
The Eurozone indices were similarly robust this morning; the DAX especially really stretched out its legs, surging over 200 points after a better than expected German ZEW economic sentiment figure (at 16.1 against the 15.2 expected, and the 10.4 seen last month). The rest of the region’s gains were slightly less muscular, the CAC jumping (a still admittedly strong) 90 points after a recovering, but not quite as high as forecast, Eurozone ZEW economic sentiment number.
It looks like Tuesday’s positive trading is set to continue into the US session, with the Dow Jones looking at a 100 point leap at the open. That is, it will continue as long as there aren’t any ugly, rate-hike upsetting surprises in this afternoon’s US inflation figures; expected at 0.0% against 0.2% last month, a negative number could see the pre-Fed jitters return come the ringing of the bell on Wall Street.
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