Spreadex Market Update
European markets open in the red as focus turns to Greece and Eurozone PMIs
Just as it was on Thursday the Eurozone is the main source of excitement this Friday, a flurry of flash PMIs joined by a Greek-focused Eurogroup meeting in Amsterdam (the debt-ridden country aiming to unlock more loans). Not that this has helped the region escape yesterday’s slump, the DAX and CAC falling by 0.7% and 0.5% respectively.
France has already played its PMI hand, revealing a further slide into contraction territory (to 48.3) in its manufacturing sector but with its services sector unexpectedly jumping to 50.8, a 5 month high. Germany looks set to have a slightly steadier morning, the manufacturing PMI expected to edge up to 51.0 with the services reading unchanged at 55.1. The region as a whole, meanwhile, is looking for an improvement in both sectors.
The FTSE doesn’t actually have much to look forward to this Friday, leaving investors little reason to avoid the 50 point fall the index saw soon after the bell. As ever the mining stocks made up the majority of the FTSE’s drag this morning, joined by a wobble from the UK oil stocks despite Brent Crude climbing back above $45 per barrel.
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