Spreadex Market Update
FTSE fails to build on 6700 while Dow Jones receives boost from Microsoft
Having promised a climb beyond 18600 during the European session the Dow Jones couldn’t quite live up to expectations this afternoon, opening a tad shy of that landmark level. It didn’t help that the Dow had little to do this Wednesday, with the day’s main earnings, American Express and Intel, set to be released after the market closes.
The US index did receive a boost from yesterday’s post-close reporter, however. Microsoft jumped by 5.5% as it revealed a far better than expected Q4 EPS of 69 cents (7 cents higher than this time last year) alongside a 2% rise in revenue to $22.64 billion. Yet the most notable thing about Microsoft’s fourth quarter update wasn’t these headline figures but the performance of its Azure cloud division; continuing its rapid expansion the unit saw a 7% leap in revenue to $6.7 billion, increasing its status as a rival to Amazon’s super-successful Web Services business.
Over in Europe things were little changed from this morning. The FTSE continued to dance around 6700, losing most of the mild gains it managed after the bell, while the DAX and CAC surged by 1.3% and 0.8% thanks to the 0.8% the pound too off of the euro. The Eurozone will be in focus on Thursday, with the ECB set for its first monthly meeting since the Brexit result last month. Given the Bank of England’s lack of action the central bank isn’t expected to announce any new measure tomorrow, though the tone of its post-meeting statement and Q&A could inform the market’s performance.
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