Spreadex Market Update
European stocks falter following oil fall; UK retail sales and public set net borrowing still to come
Following a Thursday that saw the index severely lag its Eurozone cousins, the FTSE has already lost the mild momentum it began Friday with, sporadically dipping its toes in red waters as the dust settled on the open. That leaves the index below the 6000 level it crossed on Wednesday, with its commodity sector turning redder as the morning progressed, harmed by Brent Crude’s US oil inventories-inspired fall away from Thursday’s post-$35 per barrel highs.
Focus will remain on the UK index as the morning continues, with the latest retail sales and public sector net borrowing figures still to come. The former, which disappointingly fell to -1.0% post-Christmas, is expected to jump back to 0.8% thanks to January’s clearance sales; the latter, meanwhile, could help the pound consolidate the gains it made against the dollar yesterday, the figure forecast at £13.8 billion surplus compared to last month’s £6.9 billion deficit.
After surging ahead yesterday thanks to ECB policy meeting minutes-boosted hopes of more stimulus in March the Eurozone indices have begun to fall back this Friday. The DAX, hurt by a worse than expected German PPI figure (at -0.7% against the -0.3% forecast), dropped by around 40 points, whilst the CAC started the day rather flat.
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