Spreadex Market Update
FTSE sees muted start to the session despite Brent Crude hitting 2 month high
The one notable piece of data this morning, and arguably the whole day, is the UK public sector net borrowing reading, which is expected to hit a 6 month low of -£2.3 billion (against the £7.3 billion seen last month). The prospect of this couldn’t do much for either the FTSE or the pound this Friday; the former fell by around 15 points to slip back to 6850, while the latter began to lose some of the ground it had gained following the UK’s retail sales surprise yesterday.
Interestingly a tinge of red in the commodity sector contributed to the FTSE’s muted open this morning, despite the fact that Brent Crude has managed to climb to a 2 month high of $50.64 per barrel. The black stuff’s recent rise puts it back in bull market territory, though you wouldn’t be able to tell that from how the oil stocks are behaving this Friday.
The Eurozone was once again the site of the biggest losses this Friday, with the DAX and CAC both falling by 0.6%. That means the German index has shed nearly 300 points since its 2016 peak at the start of the weak.
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