Spreadex Market Update
Resilience turns into rebound as European indices open sharply higher
Despite a ghastly performance by copper, which has been hitting fresh 6 year lows on a daily basis and is perilously close to falling under the $2 mark by the end of the week, as well as a limp open from Brent Crude, the FTSE still managed to join in with the morning’s rebound, jumping 80 points after the bell.
The main focus today is inflation, something that could through a spanner in the FTSE’s nascent growth. Expected at -0.1% for the 2nd month in a row, the UK CPI could cause problems for the pound this Tuesday (and further headaches for the Bank of England), especially if analysts are correct about their forecast improvement in the US figure this afternoon.
The Eurozone indices were similarly robust in their rallies; the DAX and CAC both soared over 1%, in a swift and somewhat elegant response to what many thought would be a week filled with justifiably supressed trading. In terms of data the German and Eurozone-wide ZEW economic sentiment figures are released later this morning, with the former the one to watch. Brought to a 12 month low of 1.9 as German analysts and investors digested the VW scandal, forecasts are suggesting a healthy (if not exactly awe-inspiring) near 5 point bounce back to 6.7. Similarly the region-wide figure is expected to come in at 35.2 against 30.1.
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