Spreadex Market Update
Mediocre Monday continues as mining sector weakness weighs on FTSE
The weakest of the major European indices, the FTSE couldn’t quite sustain any foray into the green side of things this morning, instead having to settle for a mild 5 point loss as the latest CBI industrial order expectations slightly underperformed analysts’ forecasts. The mining sector (what else?) remains the main culprit for the FTSE’s struggles this morning, Lonmin and Antofagasta the biggest losers; the oil sector looking similarly limp despite the fact that Brent Crude has recovered from its early dollar-inspired jitters to re-cross the $41 per barrel mark.
Whilst more buoyant than their UK peer the Eurozone indices still couldn’t maintain the more muscular growth seen in the middle of the morning, the DAX shrinking from its 100 point peak to around a 40 point increase as the day went on. It didn’t help that the region-wide current account figures were slightly mixed; January’s data came in at a lower than expected €25.4 billion, countered by an upward revision to December’s figure, which rose to €28.6 billion from the initial €25.5 billion reading. Still to come is the Eurozone’s consumer confidence data, which is expected to see a mild recovery from the 13 month low of -9 to a still flaccid -8.
Looking set to join Europe in a mediocre start to Monday is the Dow Jones, futures suggesting a mild 10 point increase at the open. The US markets have an equally empty afternoon on their hands, the existing home sales (forecast to fall to 5.32 million) the only figure of note.
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