Spreadex Market Update
Asian markets tumble overnight
The fall was again driven by drops in the Oil price, as it hit fresh 13 year lows and ongoing concerns on the health of the World Economy. US Light Crude for March at one point trading below $28.5.
In Europe, all the major bourses were suffering by mid-morning, with the FTSE 100 and German DAX both down 3% and France’s CAC down 3.5%. Once again the Oil and Resources companies led the decliners, Royal Dutch Shell reporting before the open that its profit fell by as much as 50% in the fourth quarter compared with 2014.
Elsewhere, media streaming firm Netflix reported late last night that it had a surge of new subscribes boosted by its international expansion, this despite missing forecasts for subscriber growth in the US. Shares were up 3% in pre-market trading this morning.
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