Spreadex Market Update
FTSE and DAX maintain rebound as market gets that Friday feeling
The FTSE ploughed ahead with its 70 point rise as the morning went on, boosted by the generally perky state of its commodity stocks (even if Brent Crude has trickled back below $49 per barrel having crossed that level earlier in the session). It likely helped that the CBI industrial order expectations figure was far better than expected, hitting an 4 month high of -8 (admittedly still not great) against the -13 that was forecast.
With ECB members drip-feeding the markets with comments related to everything from urging patience with the recently implemented stimulus measures, to Benoit Coeure claiming the central bank had no immediate plans to cut deposit rates further than their current -0.4%, the Eurozone indices continued to post some healthy gains this Friday. That meant the DAX rose around 0.7%, with the CAC slightly more energetic with a near 1% jump. The euro, meanwhile, took half a percent back off the pound thanks to an unexpected rise in the Eurozone current account figure, which climbed to €27.3 billion against the €19.6 billion expected.
Looking ahead to the US open and the Dow Jones isn’t quite as ready to rebound this Friday as its European peers, the futures pointing to a milder 0.3% rise after the bell. There isn’t much of note this afternoon, with only the existing home sales figures (forecast at 5.40 million to last month’s 5.33 million) set to be released.
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