Spreadex Market Update
Little change from the European markets with dull US data to come
The FTSE, with a combination of an optimistic oil division, mixed mining stocks and a tense tourism sector, couldn’t really move from the 10 to 15 point drop it posted soon after the bell. News that weekly UK earnings rose by 1.8% in April this year, a 0.2% increase on the year before, failed to interest the UK index, though it did help the pound post some mild growth against the dollar.
Understandably, if a region was to widen its losses this Thursday the Eurozone currently looks like the most probable candidate; creeping up to around a 65 point loss, the DAX was the worst performing index this morning. The CAC, meanwhile, held steady at around 40-50 points, taking it under the 4900 mark it had only just re-crossed yesterday.
With Dow futures currently suggesting a flat(ish) open, the US provides the brunt of the action this afternoon, even if what is on offer is rather lacking in excitement. Building permits are expected to increase, from 1.11 million to 1.15 million month on month, whilst housing starts are forecast to fall, from 1.21 million to 1.16 million. Fun stuff indeed. Slightly more of interest to the markets, however, will be the release of the latest FOMC meeting minutes this evening; following October’s surprisingly hawkish statement investors will be keen to investigate the nitty-gritty of the Fed’s last get-together in order to try and ascertain the likelihood of that a much talked-about December lift-off.
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