Spreadex Market Update
Little change in Europe while Dow Jones tries to defend all-time highs from US data-dump
Dropping around 20 points the FTSE dipped below 6650, sporadically grazing lows not see since the start of the week. The continued losses in the travel sector, alongside the wave of red currently coating the commodities, were the catalysts for the UK index’s Friday fall, though the residual disappointment that the Bank of England failed to reveal any stimulus measures yesterday obviously also played a part. The pound, meanwhile, held firm just below its post-Brexit highs, the currency spending the morning teasing $1.34 and €1.21 against the dollar and euro respectively without every committing to a push above those levels.
The Eurozone understandably saw the biggest losses this morning, the DAX and CAC falling 0.5% and 0.8% respectively following the tragic events in Nice on Thursday evening.
Looking ahead to the US open and the Dow Jones is still hovering near its all-time highs, though is around 50 points below yesterday’s peak. There is plenty of data for the US to deal with this afternoon, something that may not necessarily work in the Dow’s favour. Inflation is expected to remain unchanged at 0.2%, while retail sales are forecast to fall from 0.5% to 0.1% month-on-month and the Empire State manufacturing index is estimated to dip to 5.1 from 6.0. Things should be better after the bell; analysts expect industrial production to jump to 0.2% from -0.4%, with the capacity rate utilization reading forecast to rise to 75.2% from 74.9%. The preliminary UoM consumer sentiment figure, meanwhile, should increase to 93.7, though that is from an already downward revised 93.5 last month.
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