Spreadex Market Update
European rebound continues ahead UK inflation and Eurozone economic sentiment data
With Brent Crude surging past the $35 per dollar mark (thanks to the latest reports of a high-level discussion between Saudi Arabia, Russia and other key OPEC members over the current supply glut) the FTSE was able to rise around 40 points at the open, lifted by buoyant commodity sector.
Perhaps the biggest piece of data today is the latest UK inflation figures, expected to increase to 0.3% from 0.2%; that would be its highest point in around a year, and may help put the pound back on track to re-reach its recent highs against the dollar.
Not to be outdone the Eurozone has a few pieces of key data this Tuesday; however, the region’s indices may well hope that it didn’t. Expected to fall to its lowest point since October 2014, the German ZEW economic sentiment is set to tumble to a woeful 0.1 from 10.2 last month, whilst the Eurozone-wide figure is forecast to see its own precipitous drop from 22.7 to 10.3.
Such a fall isn’t necessarily a surprise; the charts since the start of the year speak for themselves. However, a reminder of just how fearful people are may knock market confidence just as they are picking up some positive momentum, with the DAX and CAC each continuing their recent rebound with a 30 point jump after the bell.
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