Spreadex Market Update
Markets rise on uncertainty-slaying (well, sort of) FOMC meeting minutes
The main thrust of the day’s growth appears to be last night’s last minute rally by the Dow Jones. Despite the FOMC meeting minutes from October’s get-together were just as hawkish as expected, with the central bank stating ‘it may well become appropriate to initiate the normalization process’ in December, investors seemed to relish the increasing likelihood that lift-off will occur before the end of the year. Or, in other words, after months of wishy-washy, non-committal statements from Yellen and co., the market-dragging uncertainty that has dominated periods of 2015 appears to be dissipating. Of course, markets being as fickle as they are there could soon be a switch in sentiment and a return of rate-hike fearing investors. However, for now the positive trading coming out of the US is lifting the markets as a whole.
A wash of green, a rare sight indeed, across both its oil and commodity stocks allowed the FTSE to rise by 1% this morning, despite heavy fallers in the form of Poundland and Bovis Homes. Still to come this morning are the UK’s latest retail sales; expected at -0.4% against 1.9% last month, such a fall may take the wind out of the pound’s sales, which is currently enjoying a 0.3% increase on the dollar.
The Eurozone was similarly healthy this Thursday; barrelling back towards 5000 the CAC grew by 1%, leaving it, once again, 50 points way from that landmark level. The DAX was even more robust in its gains, jumping nearly 150 points after the bell to cross 11000, hitting fresh 14 week highs in the process.
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