Spreadex Market Update
Major indices fall from highs, Dow Jones and dollar await FOMC meeting minutes
The initial catalyst for this decline was be Admiral Group, which has maintained an 8% slide throughout the day, with the wave of red that has enveloped the commodity failing only making matters worse after lunch. Even the pound, initially steady after the jobs figures has begun to waver once again, dropping 0.3% against the dollar and 0.2% against the euro.
Adding to the negative sentiment was the Eurozone. Despite a lack of data the region has become home to the worst performing indices this Wednesday, the DAX and CAC plunging 1.6% and 1.2% respectively. That leaves the former under 10550, around 250 points away from Monday’s peak.
The Dow Jones had no qualms about joining in with these widespread losses, falling 60 points after the bell. The main focus for both the Dow and the dollar this Wednesday comes in a few hours, as the Federal Reserve releases its latest meeting minutes. Following some hawkish chatter this morning from New York Fed President William Dudley and his Atlanta counterpart Dennis Lockhart investors will be interested in the tone of the central bank as they and ascertain just how close Yellen and co. are to raising rates.
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