Spreadex Market Update
Bah humbugs creep in despite better than expected US GDP figure
Coming in square between the 1.9% forecast and the 2.1% previous reading, Tuesday’s 2.0% final third quarter GDP figure for the US was a mildly pleasant surprise, albeit one that still marks a sharp decline from the second quarter’s far healthier 3.9% growth. Yet the Dow Jones couldn’t help but see its gains shrink to around 15 points soon after the bell, perhaps impacted by a worse than anticipated existing home sales number (at 4.76 million against the 5.32 million expected), with the index at points threatening to tip all the way into the red.
The Eurozone indices remained the biggest losers this afternoon, the DAX and CAC stuck in the red by over 40 and 20 points respectively. Whilst the region had little to work with this Tuesday that appears to have only exacerbated the fears surrounding Spain’s election results, fears that only sporadically took hold during yesterday’s more positive trading landscape.
Against the odds, especially followed the morning’s dismal public sector net borrowing figure, the FTSE held onto the (rather uninspired) title of best performing index this Tuesday, rising by around half a percent as the commodity sector posted solid growth. The FTSE will see a bigger test tomorrow, however, when its own final third quarter GDP and current account figures are released. The former is forecast at an unchanged 0.5%, whilst the latter is expected to widen from a £16.8 billion to £21.3 billion deficit.
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