Spreadex Market Update
DAX leads markets higher following huge leap in ZEW economic sentiment, Dow set for 18000-plus open
The main thrust of the morning’s growth came from the Eurozone, the catalyst for this surge being the day’s ZEW economic sentiment figures. With the German number coming in at 11.2 (against 8.2 expected and 4.3 last month) and the region-wide data at 21.5 (vastly higher than the 13.9 forecast and the 10.6 seen last month) confidence is picking up, despite the very real threat of a Brexit AND a worsening assessment of the German economy. This was the green light the DAX needed to roar in to life, jumping by over 200 points to 10350, within a 150 leap away from a fresh 2016 peak.
The FTSE benefited from the run-off good will from the Eurozone, combined with a particularly perky performance from its mining stocks (led by a 5-month high hitting showing from BHP Billiton), the UK index at one point crossing the 6400 mark for the first time since the start of December.
Now it’s down to the US markets to ensure the gains continue, with the Dow Jones set to cross the 18000 mark with an 80 points rise at the open after having dipped a toe across that landmark level last night. First quarter earnings from Johnson & Johnson, and the latest building permits (expected to creep up to 1.20 million) and housing starts (a slight fall to 1.17 million from 1.18 million), are what the Dow has to contend with this afternoon if it wants to maintain its push for all-time highs, now around 300 points from last May’s peak.
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