Spreadex Market Update
Faltering FTSE remains worlds away from determined DAX, with limp Dow somewhere in between
Starting the day 0.5% higher, but soon shrinking to a flattish shade of green, there wasn’t much for the Dow Jones to work with this afternoon. A better than expected Philly Fed manufacturing index figure (at -2.8 against -3.5 last month) and the best jobless claims number since the end of November (at 262k) were hardly enough to justify a major move upwards for the US index, which pootled along at a rather uninspiring pace as Thursday continued. If anything the Dow did well not to dip into the red, the index having to struggle against a dismal day for WalMart, which fell 5% as it cut its forwards outlook following a 7.9% decline in its fourth quarter earnings.
The Eurozone remained healthy as the day went on, even if the DAX (up just over 100 points) and the CAC (jumping around half a percent) fell below their intraday highs after lunchtime. It appears that the risk-flagging ECB monetary policy meeting minutes from earlier in the day refreshed hopes of an extra injection of stimulus in March, helping the region’s indices sustain their gains. In stark contrast to the largely buoyant Eurozone was the FTSE; the UK index tumbled around 40 points this Thursday as its commodity sector remained resolutely in the red despite Brent Crude holding steady at $35 per barrel.
Tomorrow should see a bit more excitement; well, it would if the USA’s latest inflation figures weren’t forecast to remain unchanged at -0.1%, something that could spell bad news for the rate hike-hoping dollar. Before that the pound will have its fingers crossed that analysts’ expectations of a post-Christmas retail sales rebound are accurate, forecast suggesting 0.8% growth against the 1.0% contraction seen last month.
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