Spreadex Market Update
Mundane Monday morning sees markets gradually give up gains
Though stocks like KAZ Minerals and Tullow Oil are in the midst of a rebound, the rest of the oil and mining sectors aren’t providing the UK index with the kind of recovery needed to see investors lift it away from its near 3 week lows.
The Eurozone began to lose its lustre as the morning went on; whilst the DAX and CAC are still in the green their gains have more than halved from their post-open peak, even with a better than expected region-wide trade balance figure. The only real news from the region has been the continued German calls for IMF involvement in the third bailout, further highlighting the tricky task Merkel has on Wednesday in trying convince her more sceptical MPs that a deal should be approved without a guarantee from the Washington-based institution.
Still the deal should pass, even if it does spell trouble for the German chancellor down the road; not that investors seem to care, however. Given the market-moving power of Greece in the first half of 2015, investors clearly aren’t as fussed about the issue as they once were, with fears over China’s next move outweighing the positive progress found on the continent.
Currently the US futures aren’t bringing much to the table, with the Dow Jones resolute in its inertia. That could change this afternoon, when the only truly notable piece of data this Monday is released: the Empire State manufacturing index. The index is expected to hit a 5 month high of 5.0, and could cause the Dow to slip into the red after the bell, as signs continue to point to a September rate hike.
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