Spreadex Market Update
Quiet Friday morning as UK posts worst October government borrowing figure since 2009
That £8.2 million deficit did little for investors’ appetite for risk (and provides a big headache for George Osborne ahead of next Wednesday’s Autumn Forecast Statement), leaving the FTSE to slip into the red by around 5 points. Losses in the banking and oil sectors were the main drag on the UK index’s performance, with a solid showing from its mining stocks (bar the infirm Lonmin) preventing the FTSE’s fall from widening in any meaningful way.
An unusually ineffectual speech from the normally golden-tongued Mario Draghi meant the Eurozone indices displayed the same lack of life as the FTSE as Friday continued. The DAX was the best performing index, not that the title was worth much this morning, posting a mild 5 point increase; the CAC, on the other hand, slumped by around 15 points. Things may change this afternoon with the flash Eurozone consumer confidence figure likely to provide insight into the impact of last Friday’s attacks in Paris.
The one white market knight remaining this Friday is the US open; the Dow Jones is currently looking at a 50 to 60 point jump when the bell rings on Wall Street, something that may inspire a bit more vigour in the European indices. However, there is nothing, beyond a speech from New York Fed President William Dudley, this afternoon to help sustain (or impede) the Dow’s current growth, meaning a quiet end to a complicated week may be on the cards.
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