Spreadex Market Update
DAX crosses 12000 for first time in its history
The astonishing post-ECB QE growth of the Eurozone indices shows no sign of stopping, with the DAX rivalling the Nikkei’s post-BoJ QE run by crossing the 12000 level for the first time in its history. This Eurozone euphoria remains the focus for traders, and unlike much of last week the swell in positive sentiment is being felt across the global markets. In other continental news, Greece fulfilled its latest IMF payment loan amidst controversy over Yanis Varoufakis’s alleged ‘middle finger’ salute to Germany back in 2013. Whilst much of this chatter is solely inspired by the Greek-hating German newspaper Bild, it once again reflects the dire relationship between the two countries, and the troubles that are sure to reappear after this current bailout extension is over. However, investors were un-phased by this latest round of German/Greek mud-slinging, allowing the region’s indices to continue their uninterrupted surge upwards.
With the Eurozone deep in the throes of a QE-party, the FTSE was more modest with its gains, tentatively edging higher despite little beyond the situation in Europe to lead the UK index to bigger growth. This picture may not change until Wednesday, when a combination of George Osborne’s final pre-election Budget and the Fed’s economic projections are likely to set the markets abuzz with movement.
If the FTSE has remained fairly quiet, the US futures have been more robust in their growth this Monday morning. Yet this could all change come this afternoon, as the Dow Jones and co. have to endure the latest round of US data, something that has been rather unkind to the markets of late. After last week’s dismal set of results, the forecasts that the Empire State manufacturing index and industrial production are set to make gains will come as welcome news to investors; whether these positive figures actually materialise is a different story.
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