Spreadex Market Update
Eurozone continues to romp ahead with (stimulus hinting?) Mario Draghi speech on the horizon
The Eurozone was the source of the largest growth this Monday, the DAX jumping just over 3% (crossing the 9200 mark in the process) with the CAC climbing around 3.6%. The morning’s biggest winner, however, was the FTSE MIB, the index surging nearly 4.5% following reports that the ECB is in talks with the Italian government to buy bad loans from the country’s banks using its asset purchase programme. The region’s indices seemingly ignored the morning’s mixed trade balance data, with the surplus slipping from €22.6 billion to €21 billion in December, but rising from €24.3 billion to €23.6 billion on an adjusted basis.
With the American markets lazing the day away to ostensibly celebrate George Washington (or Abraham Lincoln. Or all of them. Celebrator’s prerogative.) the afternoon’s main event will be a Mario Draghi testimony in front of the European Parliament’s Economic and Monetary Affairs Committee. The silken-tongued ECB President has sporadically gotten the markets all hot under the collar of late by talking up the possibility of extra stimulus in March, so a similar performance in Brussels could see the Eurozone extend their already substantial gains as the day continues.
Whilst a 2% rise is nothing to sniff it does mean the FTSE continued to lag its continental peers as the day progressed. Doing its damnedest to ensure the UK index didn’t lose its lustre was Reckitt Benckiser, rising nearly 6.5% after revealing a 6% surge in full year like-for-like sales. Interestingly the company, whose products have you covered from bathroom to bedroom with a stop in the kitchen on the way, warned that 2016 looked set to be a ‘tough’ year, the comments falling on deaf ears as investors took one glance at that headline sales figure and ran with it.
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