Spreadex Market Update
Eurozone limp on weak data, FTSE flat after deficit news
However this is, of course, the changed target after Osborne abandoned his complete reduction promise back in 2012. Regardless, this news helped boost the FTSE to some marginal gains as the morning continued. Yet the index is still looking limp with the mixed performance for its commodity stocks, and the continued uncertainty over a general election that is only 2 weeks away, preventing the FTSE from seeing any robust growth.
The situation failed to improve in the Eurozone as weak flash manufacturing and services PMIs lead to a slump in the region’s overall figure, providing yet another reason for investors to avoid the currency union’s indices this Thursday. News of the Greek deadline-delay has done little to inspire confidence in the region, which has little to look forward to for the rest of the week beyond the damp squib of a Eurogroup meeting in Riga tomorrow.
The US futures are looking lifeless ahead of another busy day of earnings, with likely gains for eBay after the bell not countering the prospect of losses for Facebook. Both Google and Amazon announce their first quarter results after hours, with releases from PepsiCo, Dr Pepper Snapple Group and Procter & Gamble sprinkled throughout the day. The US markets have been fairly weak since Monday, but that could all change with a strong showing form these American giants.
The latest US unemployment claims figure will carefully scrutinised this afternoon, and may help set the tone for the rest of the week; this jobs figure has been climbing in the past fortnight, damaging the hawks call for a rate-hike whilst simultaneously failing to provide much joy for the markets. A significant movement up or down will like cause another flurry of interest-rate arguments as the Fed debate rumbles on.
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