Spreadex Market Update
Commodity rebound (just about) helps lift European indices away from early lows
With a quiet Friday helping to bookend this momentous week, it looks like there is going to be a battle for investors’ hearts and minds between the dark side (any further twists in the current commodity crisis) and the light (any remaining post-rate hike good will).
Dropping by over 50 points after the bell, the FTSE shrank its decline to around 20 points as the dust settled on the open, its commodity sector showing a sufficient enough recovery from yesterday’s late losses to (sort of) ease investors’ fears , for now. The Eurozone indices were in a similar position to the FTSE this Friday, the DAX quickly changing from a 120 point to 70 point loss, whilst the CAC shrank from a 50 to 30 point decline.
Of course in this current climate the same commodity stocks that have (just about) helped lift the indices away from those early lows could easily lurch back into the red at the drop of a hat, especially with little on the agenda this Friday to distract investors from the sector’s erratic trading. If anything the little news the day has seen, a Bank of Japan announcement that was deceptive during the Asian session is just how ‘extra’ its fresh monetary easing measure were, only exacerbated the overly-bearish open.
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