Spreadex Market Update
Largely positive US data session sees Dow Jones creep higher, but little change for muted FTSE
Luckily for the US any surprises this afternoon were positive for the country’s economy. Inflation came in unchanged at 0.2%, while the retail and core retail sales figures far surpassed expectations at 0.6% and 0.7% respectively. The capacity utilization rate, meanwhile, jumped back up to 75.4%, with the industrial production reading smashing forecasts at 0.6% against the 0.2% estimated. It wasn’t all good news, however; the Empire State manufacturing index plunged to a lowly 0.6, while the preliminary UoM consumer sentiment reading slipped to 89.5, its worst showing since the downward revision to April’s figure.
Overall this worked in the Dow Jones’ favour, the index creeping up by around 30 points to tease yesterday’s all-time peak. Over in Europe things remained the same, the FTSE and the DAX down 0.1% and 0.3% respectively. The pound perhaps saw the biggest shift, dropping by almost half a percent against the dollar following that bumper dose of US data.
So that’s the end of another week, arguably the most news-packed since the run-up to the referendum itself. Britain has a new Prime Minister, the Bank of England put off action for another month and France has had to endure yet another tragedy. It will be difficult for next week to match the intensity of the past few days, though with US Q2 earnings season beginning in earnest, and the ECB meeting on Thursday, there is still plenty of room for fireworks.
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