Spreadex Market Update
Surprising surge in UK retail sales can’t save FTSE as investors eye Cameron’s Brussels negotiations
Coming in at 2.3%, the highest it’s been since the post-Christmas figures at the start of 2014, the latest UK retail sales data was far better than the expected 0.8%, even if investors also had to contend with a downward revision to -1.4% from -1.0% for last month. Still positive, if slightly less impressive, was the public sector net borrowing figures, arriving at a £11.8 billion surplus (not quite as strong as the £13.8 billion forecast) against last month’s £6.9 billion deficit.
Both of these figures were ostensibly good news for both the pound and the FTSE; however, currency and index alike seem to be more focused (arguably for good reason) on David Cameron’s attempts at negotiation in Brussels, a lack of tangible progress (and a dip below $34 per barrel for Brent Crude) driving both lower by around 0.2%. The Eurozone indices, still smarting from the weak 13 month low German PPI figure seen before the bell, joined the FTSE in falling this morning, the DAX and CAC dropping by 60 and 15 points respectively.
Attention will now partially turn to the day’s biggest piece of data, the latest US inflation figures. Not that they looks too promising, analysts expecting an unchanged -0.1% with the core number increasingly slightly to 0.2%. It seems that investors are waiting to see what they are dealing with before making any Dow decisions, the US index currently set to start the American session a reddish shade of flat around the 16400 mark.
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