Spreadex Market Update
Public sector net borrowing disappoints but FTSE holds onto gains as Eurozone slips
Despite a woefully worse than expected public sector net borrowing figure (coming in at a £13.6 billion against the already troublesome £11.9 billion forecast, though with an improved reading from the previous month’s figure) the FTSE managed to remain in the green, holding onto a 25 point raise due to the strength of its oil-lifted commodity stocks.
The Eurozone wasn’t so lucky, the DAX and CAC slipping into the red by 25 and 15 points respectively. There doesn’t seem to be any concrete reason for the region’s wobble; perhaps investors, with little else to chew over, are continuing to feel anxious about the destabilising nature of the weekend’s Spanish election.
The markets will have something a bit more solid to work with this afternoon, as the final reading for the US third quarter GDP is revealed. Not that the number is likely to increase the cheer felt by the global indices, analysts expecting a downward revision from 2.1% to1.9%. Currently the US markets don’t looked too fazed by the prospect, the Dow Jones set to open around 35 points higher when the bell rings on Wall Street; however, all could change between now and then, especially if there is much movement around that forecast GDP figure.
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