Spreadex Market Update
Respite for major indices
At last some respite for major indices, including Asian equities, after continued pro-democracy protests, positive US economic data reinstating confidence that the worlds largest economy will not be heading into a downturn. The data calming the turbulence of the huge sell offs incurred recently, the Hang Seng has clawed back losses trading above 23,000, up 130 points as investors become more bullish at the sign of stable US data. Unemployment claims were announced at 264K, 22K less than expected, along with industrial production up 1%, of course giving the impression of a strengthening economy.
UK supermarkets are likely to take the headlines today as Tesco looks to restructure and Sainsbury’s struggling to give investors’ any sign of confidence in the company. The FTSE is looking to open pretty flat at 6200 and the DAX up 10 at 8613 as European equity slides stabilise.
Commodities have been on the slide over the past few weeks as the dollar consecutively strengthened against euro and sterling until the end of this week, Brent Oil breaching the $83 mark but recovering throughout yesterday and last night to end the day with a net gain rising to around $85.5 per barrel. However the damage has been done as Energy companies share prices have taken the brunt of losses, EnQuest fell 4.6p, 6% to a record low of 72.7p.
A look ahead at today, Fed Char Yellen speaks otherwise it is a quiet day in regard to data announcements which should allow investors to take in the past economic data and the volatility that has been brought about over the last two weeks. Investors are likely to be on edge as global growth seems to be slowing despite positive US data.
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