Spreadex Market Update
Limp start to the European session as dollar-rebound hurts commodity sector
Once again trapped between the 6150 to 6200 bracket it has failed to truly escape for the past month the FTSE slipped by around 20 points this morning, a grumpy start from its commodity stocks (inspired by Brent Crude tipping back below $40.50 per barrel, itself hurt by the dollar’s minor-rebound) preventing the UK index from besting its recent year highs. There is little for investors to work with this Monday, the CBI industrial order expectations (forecast to rise to -13 from -17) the only figure of note as the morning continues.
The Eurozone indices saw a similar struggle after the bell, the DAX dropping by over 60 points with the CAC seeing its own 30 point fall. The region is slightly busier than its UK peer this Monday; the latest current account (expected to rise to €26.3 billion from €25.5 billion) and consumer confidence (forecast at -8 from -9 last month) figures are joined by speeches from Benoit Coeure (who reiterated that the ECB’s toolbox is far from empty) and the central bank’s vice-president Victor Constancio. Last week the indices received a boost from comments made by the ECB’s Peter Praet, so we shall see whether these latest dispatches from the inside the minds of the central bank’s members can inspire a similar shift in sentiment this Monday.
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