Spreadex Market Update
Markets buoyant with (likely) negative US inflation figure still to come
The FTSE, largely led by a healthy showing from its commodity stocks and earnings-boosted performances from the likes of WH Smith and Unilever, the latter seeing a better than expected 5.7% rise in its underlying sales, managed to hit a 50 point increase as the morning continued. And that was with a sustained 12% decline for Burberry, a drop that helped lead Ted Baker, which shares the same demographic as its beleaguered rival, lower by nearly 4%. Over in the Eurozone the situation was similar, with the DAX re-crossing 10000 after expanding to a 120 point increase despite a (normally growth-dissipating) fall from Volkswagen.
The real action should come this afternoon, as the US reveals its latest inflation figures, the usual jobless claims and the Empire State and Philly Fed manufacturing indices. With the markets already lifted by Wednesday’s rate-hike delaying data, the expected 0.2% deflation could see further damage done to the dollar alongside the maintenance of the buoyant trading atmosphere that crept in this morning.
The US markets will, however, have to deal with the fallout of Netflix’s Q3 results after the streaming service plunged by up to 14% as it fell afoul of investors’ high expectations. Despite adding a better than forecast 3.62 million subscribers in its third quarter, including an impressive expansion in its international presence, an unexpected slowdown in US growth, alongside slight misses in revenue and earnings, spooked the tech-sector’s notoriously flighty investors, even if the stock did eventually manage to recover from its after-hours nadir.
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