Spreadex Market Update
Markets continue to bask in Chinese reserve cut news
The Eurozone, despite being plagued by the continual fiscal nightmare that some call Greece, has seen the biggest bounce back this Monday with the DAX posting over 200 points in gains as the morning continued. Beyond the US open, there is little to upset the apple cart in the way of economic data this afternoon; one suspects that if this rebound is to be derailed, the blame will fall squarely on the shoulders of those in Athens.
The FTSE continued to push towards 7050 as the day continued, with its main support coming from its commodity sectors. Brent Crude remains near $64 per barrel; given the lows it had fallen to in the middle of March, its April-surge has been a welcome sight for the temperamental oil sector. The mining sector, on the other hand, has had a slightly better time of it recently, even if copper has undergone a facsimile of the uncertainty that has plagued its slippery commodity peer. Despite copper falling by around 1% today, the FTSE’s major mining stocks continued to climb on the back of the Chinese reserve ratio cut news, with muscular growth from Vedanta Resources, Anglo American and Rio Tinto.
The US futures have matched their European cousins this morning, with the Dow Jones around 40 points away from breaching 18000 once more. With a similarly quiet afternoon on the horizon, the US markets will likely take their lead from the latest news in this earnings season; Hasbro, Morgan Stanley and Halliburton all announce their Q1 2015 figures at some point today, alongside a host of other US companies. So far the dollar hasn’t been too damaging this earnings season; however, with some heavy hitters announcing this week, the true extent of the greenback’s potentially harmful effects should be clearer over the next few days.
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