Spreadex Market Update
Market stagnation in latest limp morning for European indices
However, a mixture of this surging sterling and a big miss in the latest CBI industrial order expectations figure left the FTSE flat around 7000 yet again, with the UK index remarkably obstinate as it squats firmly near its landmark level.
Overall, the latest services and manufacturing data across the Eurozone was mixed, with the former causing the biggest issues for the region. None of this could help turn the Eurozone’s day around with its indices remaining firmly, if not excessively, in the red as the euro bounced back against the dollar. Policy meeting minutes from the ECB and consumer confidence for the region as a whole will provide some light distraction for the Eurozone as it awaits the outcome, if there is any, of the latest meeting between Merkel and Tsipras. Meanwhile the European Commission is remaining tight-lipped on whether a bailout extension programme is being worked on. Regardless, things continue to be tense and unresolved, with news that Tsipras and Merkel are no longer sitting next to each other at dinner in Riga simultaneously trivial and telling.
The Fed meeting minutes released last night revealed the institution has effectively ruled out a June rate hike; however, the fact that most people were already assuming the can had been kicked beyond next month meant that these comments had little effect on the US markets as the Dow drifted away from its record highs. With the US futures once again flat, the pre-open announcement of this week’s jobless claims data may be the markets main hope for some movement, regardless of the direction.
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