Spreadex Market Update
Relatively calm return for China, and super surge from Nikkei, lifts European sentiment
The Nikkei, fresh off its worst weekly fall since 2008, led the charge this Monday, closing just over 7% higher despite a weaker than expected (and, at -0.4%, worrying) GDP figure. It seems that investors are banking on extra action from Abe and Kuroda, the promise of further stimulus helping the Japanese index recover a chunk of last week’s losses. Over in China, meanwhile, things weren’t quite so positive; however, ending the day around 0.6% lower, the fact that the Shanghai Composite didn’t plunge after its week-long holiday can be chalked up as a win for the global indices, especially in light of the news that Chinese imports and exports dropping a whopping 16.6% and 11% respectively across January.
This positive (or at the very least mercifully calm) showing from Asia has filtered into the European indices, which are currently being lifting by a continued rebound from the still under attack banking sector. The DAX and CAC both romped ahead by around 2.8% this morning, spurred on by impressive growth from Deutsche Bank and Societe Generale. Still to come, and arguably the only notable piece of data left this Monday, is the Eurozone trade balance figure, expected to fall from €22.4 billion from €22.7 billion last month.
With Brent Crude teetering around $33 per barrel the FTSE lagged its continental peers this morning; however, that still translated to a 1.7% jump for the UK index, causing it to cross 5800 for the first time in a week.
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