Spreadex Market Update
Miners drag FTSE lower, whilst Eurozone catches up to the Greek debt can it kicked down the road last year
Slipping around 1% (and losing much of the week’s growth) the FTSE was the biggest loser this morning, the UK index dragged down by a rather sharp decline by its mining stocks. It is somewhat unclear what has caused this mining-reversal; the manufacturing softness form the Eurozone may have contributed, ditto yesterday’s shareholder revolt over Anglo American CEO Mark Cutifani’s pay. Regardless of what the cause is the sector’s sluggish performance is preventing the FTSE from ending the week on the 2016 highs struck over the last couple of days.
The DAX wasn’t far off the FTSE in terms of losses this Friday, the index falling 0.9% as Germany’s services PMI slip (down to a 5 month low of 54.6) countered an unexpected rise in its manufacturing sector. The CAC was similarly, if not as excessively, despondent this morning, dropping by half a percent following a contraction-territory slide from its own manufacturing PMI. The Greek déjà vu, currently being hashed out by the Eurogroup in Amsterdam, is likely contributing to investors’ sour tone of trading this Friday, the region finally catching up to the debt can it kicked down the road last year.
Looking ahead and the US markets don’t look quite as moody this Friday, the Dow futures pointing to a slender 15 to 20 point drop at the open. There is precious little for the US to work with this afternoon, the flash services PMI (expected at 51.9 against last month’s 51.5) the only figure of note.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
