Spreadex Market Update
UK inflation and Eurozone manufacturing and services PMIs to come on busy Tuesday morning
The FTSE fell over half a percent after the open, with the DAX and CAC dropping 1% and 1.5% respectively, the dispatches from Belgium sending ripples of fear throughout the markets.
It will be interesting to see if the pound can match its post-Fed, post-Bank of England highs after this morning’s inflation figure, especially if it comes in at the expected, and 14 month high. 0.4%. Public sector net borrowing, meanwhile, is set to jump back into negative territory once again, analysts forecasting a deficit of £5.4 billion compared to last month’s £11.8 billion surplus.
Having given the floor to the US and UK indices since the ECB meeting earlier in March the Eurozone gets a brief moment back in the spotlight this Tuesday with one final splurge of data before the month ends. Whilst the French flash manufacturing and services PMIs, at 49.6 (against the 50.2 forecast) and 51.2 (rising from 49.2 month-on-month) respectively, were a mixed bag analysts are still anticipating improvements in both the German and region-wide figures. The German Ifo business climate number is then expected to see a slight drop, whilst the country’s ZEW economic sentiment data is forecast to jump from 1.0 to 6.3, countered by an expected fall in its region-wide counterpart from 13.6 to 8.6.
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