Spreadex Market Update
DAX teases 10500 as investors eye April’s ECB meeting
Having already crossed the 10500 mark this morning the DAX is hovering near a new 2016 peak, though investors seem to have become a bit nervier since the dust settled on the open. The CAC was similarly buoyant despite starting the day fairly flat, the French index firmly above 4500 for the first time since the year began. The morning’s tentative gains could blossom into something more substantial this afternoon, dependent on what tone is struck by Mario Draghi following April’s ECB meeting.
Nothing is really expected of Draghi and co. this month given how comprehensive the measures the central bank announced in March were. However, that does provide the central bank boss with a somewhat complicated situation to deal with. Draghi likely set to come under pressure about what potential, and more extreme, measures (like helicopter money) the central bank could still implement in the future. And whilst the ECB President won’t want to alarm his critics by wholeheartedly backing the more esoteric tools in his belt, at the same time investors will want to hear that the central bank still has a substantial contingency plan if the current measures fail take hold in the intended way.
Having passed 6400 at yesterday’s close the FTSE appears to be taking a bit of a breather this Thursday morning, slipping by around 15 points despite a cheery commodity sector, complete with a $46 per barrel-eyeing performance from Brent Crude. It will be down to the day’s UK retail sales and public sector net borrowing figures to change the index’s mood, with both sets of data expected to improve on last month’s readings.
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