Spreadex Market Update
Brent Crude begins post-Doha recovery as markets lift away from lows
That leaves the black stuff just above $42 per barrel, a vast improvement on its $40-threatening fall earlier in the day. Even more importantly from the FTSE’s perspective this recovery has seen its commodity sector calm down, now in a slightly better mood with a few of the miners (most notably Rio Tinto) even managing some mild gains. The FTSE is seeing an interesting battle between its oil and (to a lesser extent) mining stocks, which have suffered in light of the Doha disappointment, and those sectors which benefit from cheaper oil, namely the travel sectors, be it TUI (up 3.8%) or easyJet (rising just over 2%). The stasis between these 2 factions explains why the UK index has arrived at a red shade of flatness following this morning’s precipitous plunge.
The Eurozone, less weighed down by the commodity stocks, saw a quicker rebound this Monday, the DAX crawling back into positive territory to hit 10060, with the CAC a bit more sluggish, falling by around 0.1%.
Looking to the US open and the Dow Jones seems set to escape most of the post-Doha mayhem, the futures rising from an 85 point fall to a more manageable 15 point drop. That leaves the index only a smidge below 17900, but with precious little in the way of interesting data this afternoon, the main event arguably a speech from Fed vice-chair Willian Dudley at a Federal Reserve Bank of New York (which Dudley heads up) conference.
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