Spreadex Market Update
Travel sector leads FTSE lower, Thomas Cook plunges nearly 16% in light of weak summer bookings
Falling by around over 1% the FTSE was dragged lower by its commodity and travel sectors. The former was led by Brent Crude, the black stuff having slipped back below $48 per barrel following yesterday’s surprise jump in US crude oil inventories. The latter, meanwhile, have fallen on the worrying news that a plane travelling from Paris to Cairo has gone missing.
The travel stocks were also dealing with a near 16% plunge from Thomas Cook, which told investors today that summer bookings were 5% lower year-on-year, with the recent terror attacks, especially those in Turkey, causing a significant drop in demand. This sent ripples of concern throughout the rest of the sector, with TUI falling 5% and easyJet slipping nearly 2%.
Still to come this morning are the latest UK retail sales figures. The measurement of consumer activity has been in negative territory for 3 of the last 4 months, though is expected to have jumped to 0.6% from -1.3% in April despite the collapse of BHS.
The Eurozone indices were similarly weak this morning, the DAX and CAC plunging 1.2% and 0.7% respectively. The main focus for the region this Thursday will be the ECB meeting minutes from last month, with investors potentially set to glean what stimulus measurements have been discussed for if the Eurozone’s recovery keeps stalling.
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