Spreadex Market Update
FTSE boosted by construction output news
However, the ONS report also contained some less pleasing figures, none more so than the fact that new housing construction fell by 3.4% in the first quarter. This is a fairly damning stat considering the prominence new home building played in the election campaign, but one that hasn’t deterred the FTSE from posting gains.
Over in the Eurozone, Greece is (finally!) showing signs of compromise as reports suggest the country is in 'advanced talks' to privatise its largest port at Piraeus. However, before anyone gets too far ahead of themselves, the IMF’s Paul Thomsen has stated that, in somewhat of an understatement, there hasn’t been much movement on any Greek deal. This Greek quagmire, combined with a general lack of news for the region, meant the Eurozone couldn’t break into the kind of robust gains it is capable of; yet at the same time, it has so far managed to avoid the precipitous declines it has a tendency to post as well, with the volatility-inducing bond market continuing the stability that crept in on Thursday.
With the S&P reaching a record high last night, and the Dow Jones very close to doing the same, the US open could be a source of triumph for the markets this afternoon. However, with the dollar gaining back some ground against the euro and the pound, and a flurry of data to deal with, including industrial production and preliminary UoM consumer sentiment figures, the US markets may have to face an uphill struggle to get there. Which way investors go remains to be seen; traditional rules over what constitutes a good and/or bad US economic figure have gradually been thrown out of the window as the Fed interest rate debate rumbles on, leaving each set of US data a minefield of complexity.
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