Spreadex Market Update
Dow takes a dive after rate hike ready existing homes and Philly Fed data add to China-inspired losses
A mild miss in jobless claims was followed by a solid jump in existing home sales and a robust Philly Fed manufacturing figure that stands in stark contrast to the Empire State manufacturing figure from the start of the week. As ever these figures further muddy the rate hike waters, which were already looking pretty murky following last night’s clarity-lacking FOMC meeting minutes.
The continuation of a metal recovery lifted the majority of the FTSE’s mining AND oil stocks this afternoon, with massive gains for the likes of KAZ Minerals, Lonmin and Premier Oil helping the UK index keep the spectre of fresh 2015 lows at bay. We’ll see how sustainable this rebound is tomorrow, when China announces its Caixin flash manufacturing PMI; already last month’s figure has been revised down, and another pre-50.0 number is hardly going to lift the fog of Chinese slowdown fears that has been present all week.
Just as Greece gets a nice whack of money, and things seem ostensibly settled, the perpetually news-present country is going to have to prepare itself for a bit more volatility as Tsipras reportedly readies himself to announce a September or October snap election this evening. The aim of an election would be to help chop off the Syriza’s rebellious Left Platform limb and restore the strength of both the party’s parliamentary majority and Tsipras’ position as leader. The reports immediately took their toll on the Athens stock exchange, whilst helping to exacerbate an already dismal, 7 month low-refreshing day for the DAX and the CAC.
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