Spreadex Market Update
Falling commodities fail to deter market gains this Monday afternoon
The 4th double-digit negative Empire State manufacturing index figure in a row gave the Dow Jones cause (however tenuous) to join the European indices in their mild gains after the US open, jumped by 65 points to lift away from the 6 week lows struck last Friday. Tomorrow will be slightly busier for the US markets, especially for those investors (i.e. all investors) that are watching the Fed like a hawk (pardon the pun). The latest inflation figures arrive on Tuesday afternoon and, with analysts expecting 0.2% growth from the 0.2% contraction see last month, the Fed may have another piece of hawkish-ish data on their hands. Following the CPI data is the month’s industrial production and capacity utilization rate figures, forecast to have improved and remained stable respectively.
Normally an immediate victim of falling commodity prices, the FTSE managed to hold onto a 35 point increase as the day went on, even with the mining stocks completely abandoning the good form they had initially found this morning. Like the US the UK sees its own inflation data tomorrow; unlike the US, however, the UK’s figure is expected to remain negative, with analyst’s expecting -0.1% for the second month in a row.
The Eurozone was similarly resilient this Monday, both the DAX and CAC clinging onto varying degrees of growth. Tuesday brings with it the German and region-wide ZEW economic sentiment figures: the former is expected to improve, though that isn’t hard given it fell to a VW-inspired 12 month low of 1.9 in October; the latter is also forecast to rise, from 30.1 to 35.2 month-on-month.
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