Spreadex Market Update
FTSE and DAX fall ahead of UK inflation and German ZEW economic sentiment readings
The consensus seems to be that inflation will remain unchanged at 0.5%; however, given the state of the pound some analysts have floated that it could creep up to 0.6% for July, which would be the highest figure since the end of 2014. In anticipation of the CPI reading the pound is having a rather mixed morning, jumping by 0.2% against the dollar to re-cross the 1.29 mark it fell below yesterday, while plunging another 0.3% against the euro to sink under 1.15. Even the FTSE is looking fairly jittery, the UK index slipping half a percent to fall away from yesterday’s fresh 14 month highs.
The UK is not alone in the important data stakes this Tuesday, with the Eurozone preparing itself for the latest German and region-wide ZEW economic sentiment data. Last month these figures were a disaster, plunging to -6.8 and -14.7 respectively, both the worst readings for over 3 and a half years. This morning there is expected to be a bit of a recovery; the German figure is forecast to rise to 2.1, while the Eurozone-wide number is estimated at -6.3. Understandably the region’s indices aren’t too excited at the prospect of such a meagre transformation, with the DAX and CAC plunging 0.7% and 0.6% after the bell.
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