Spreadex Market Update
US open intensifies market losses as commodity concerns continue
Falling by around 200 points the Dow Jones was the main catalyst for the recent rush into the red, the index’s own fall (initially set off by the continued weakness of oil) exacerbated by a much worse than expected flash services PMI (coming in at 53.7 against the 55.9 forecast, and a downgraded 56.1 last month). This helped send the FTSE to a 60 point fall, doubling the losses seen for most of the morning, whilst the DAX really ramped up its decline, plunging nearly 200 points to wipe out much of the growth from the past 2 days.
Next week’s schedule may lack the direction-defining presence of something as big as a US rate hike, but nevertheless there are still a few key bits of data to tide investors over before they tuck into their turkey. The final third quarter US and UK GDP figures are released on Tuesday and Wednesday respectively, with the former forecast to fall to 1.9% (from 2.1%) whilst the latter is expected to remain unchanged at 0.5%. Those figures should dictate the market movements in the Christmas-abbreviated week, though by the looks of things investors’ current commodity concerns may well continue to nip any nascent Santa rally in the bud.
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