Spreadex Market Update
Dow Jones bypasses Doha impotence to post slight gains; Iran oil minister reaffirms oil output freeze opposition
As US investors woke up, and following comments from Iran’s oil minister stating that the country welcomes, and indeed encourages, a freeze in output for other countries but won’t be pausing its own production until it reaches its pre-sanctions market share, Brent Crude took another dive towards the 4% loss mark. Yet once US investors acclimatised to the news things began to calm, the black stuff down by a reduced 2.7%. That left the Dow Jones with the unexciting prospect of a 15 points rise after the bell, one that the index will likely take, however, given the size of the losses it faced earlier in the day.
Things were much the same over in Europe. With its commodity stocks lingering in negative territory there wasn’t much for the FTSE to do this Monday, maintain a 10 point loss for most of the day. It was a similar situation in the Eurozone, the DAX just about unchanged at 10050.
Tomorrow, at least, should see a bit more excitement data-wise, with the German and Eurozone-wide ZEW economic sentiment figures in the morning and the US housing starts and building permits in the afternoon. The real meat of the week arrives from Wednesday onwards, however, with the UK jobs report followed by an ECB press conference (with investors likely looking for confirmation that Draghi still has a few tools in his utility belt) on Thursday.
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