Spreadex Market Update
Global equities selling off
Only yesterday the FTSE 100 was making new multi-year highs, breaching 6,400. Today, however, the index is down by 100 points, below 6,300. It’s the high-beta, cyclical names that are losing the most today, being punished by investors’ lack of appetite for stocks in sympathy of the flight of capital initiated by Fed’s hawkish comments.
The poor economic data published from the States earlier has only compounded participants’ fears, helping stocks cheapen further. But it could be helpful to remember optimism while most others in the market today are fearful. More time will be needed to tell whether yesterday’s and today’s price action are to lead to something bigger.
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