Spreadex Market Update
FTSE and DAX rebound as betting probability points to ‘In’ vote prevailing in Brexit referendum
Jumping around 1% (a rise still not large enough to see the index re-cross 6000) the FTSE got off to a decent start this morning, something of a rarity in and of itself in the past week or so. Reports that betting odds are reflecting a 62% probability of Britain staying in the EU, something backed by Spreadex seeing the chunkiest bets on the referendum in favour of Vote Remain, may have helped ease the Brexit fears that have been so pronounced since the end of last week.
The sustainability of the FTSE’s current gains will be tested out later this morning, as the monthly UK jobs report is released. While the unemployment rate is forecast to remain unchanged at 5.1% for the 6th month in a row, wage growth is expected to have fallen back to 1.7% in April after having seen that surprise jump to 2.0% in March.
The Eurozone indices were just as perky this Wednesday, the DAX and CAC rising 1.1% and 1.3% respectively. The region doesn’t have too much to deal with beyond the underlying Brexit fears this Wednesday, with the Eurozone-wide trade balance figure (forecast to slip to €21.6 billion from €22.3 billion month-on-month) the only number of note.
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