Spreadex Market Update
Dow Jones strives for gains whilst Europe struggles with latest OPEC disappointment
The FTSE was surprisingly resilient as the afternoon went on, the UK index just about clinging onto a 0.2% rise when, by all rights, it should have been far lower. The reason? Well, Brent Crude, lifting the markets with a start of the day surge, has slipped back below $33 per barrel (and is looking like it could fall even further) thanks to a market-displeasing decision from Russia and Saudi Arabia to freeze their output at January’s (very high) levels. Not only that, but the likes of Iran and Iraq still haven’t agreed to the deal, with more meetings set for Wednesday, making a mockery of the investors’ initial oil optimism (not for the first, or one imagines, last time).
The Eurozone remained a pool a red this Tuesday, the DAX as ever leading the charge with a 100 point-plus loss. It seems that the region took confirmation of the near non-existent consumer confidence currently plaguing Germany et al. very badly, putting an end to a tremendous two days of trading.
Starting the day around 100 points higher (but losing some of its lustre as the open receded into the background) the Dow Jones ignored another awful Empire State manufacturing index figure (coming in at -16.6 against the -10.5 expected and the -19.4 seen last month) to return to trading with a bang this Tuesday. It was easily the best performer out of the major indices, choosing to bypass the mixed messages out of Europe to instead focus on the robust rebound seen on Monday.
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