Spreadex Market Update
US open manages, against all odds, to introduce more flatness into the markets
Another increase in jobless claims, declines in existing home sales and flash manufacturing figures, and a fall in the Philly Fed manufacturing index meant the US markets had the treat of yet more negative data this afternoon. However, with the dollar already damaged after the UK’s stellar retail sales, the Dow Jones had nowhere to go as it lingered near its record highs without showing any signs of surpassing them.
Whilst the pound sustained its surge all day, the FTSE lay effectively horizontal throughout Thursday, barely moving from the comfort of its 7000 level surroundings. Even rebounds in oil and copper couldn’t inspire investors to take a risk on the UK index, leaving the FTSE to yawn its way to the day’s close.
The biggest move in the global indices has been the Eurozone clawing back its morning losses leaving the region, of course, flat on the day. The Eurozone didn’t even have its usual flurry of fear from Greece, with only World’s Grumpiest Grandad™ Wolfgang Schauble chipping in by saying, in classic Schauble style, that the optimism arising from Greece is misplaced, claiming there is ‘no substance’ to reports that a deal is an closer to being reached.
After announcing its latest results Best Buy was more Target than Wal-Mart, beating expectations to post a 1.4% increase in revenue to $7.9 billion despite a 0.7% decline in same-store sales. This headline figure was enough for investors who poured into the stock after the bell, pushing the electrical store 5.5% higher as the day went on.
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