Spreadex Market Update
Santa rally remains as Brent Crude just about lifts from 11 year lows
A 120 point open for the Dow Jones was enough to keep investors happy this Monday despite the largely dismal performance from Brent Crude, helping to lift the index away from last week’s 3 month lows. Tomorrow will see investors’ mince pies focused firmly on the US, with the afternoon seeing the final GDP reading for the third quarter; forecast to fall to 1.9% from the previous 2.1% reading the US markets may have a battle on their hands to keep hold of today’s Santa-inspired gains.
Monday has seen a solid performance from the FTSE, jumping around 50 points even as moments of red for Shell and Vedanta Resources caused a few brief wobbles. Whilst tomorrow is still relatively sparse on the figure front, compared to today’s effectively data-less trading Tuesday provides a cavalcade of intrigue. First up is the Gfk consumer confidence figure, expected to remain at a fairly awful 1 when it is released in the (very) early hours of the morning, before public sector net borrowing trudges in with what is expected to be a sharp expansion, from £7.5 billion to £11.9 billion, a high not seen since January and something that could do a bit of extra damage to the pound.
Over in the Eurozone the DAX and CAC largely held onto their gains, even if the German index sporadically fell from its 100 point peak. Like in the US and UK Tuesday gives Eurozone investors a bit more to chew on data-wise, with the German import prices and Gfk German consumer confidence figures expected to improve (to 0.2% from -0.3%) and remain the same (at 9.3) respectively.
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