Spreadex Market Update
WPP weighs on FTSE while Eurozone deals with latest round of PMIs
"Much of that drag came from Martin Sorrell’s WPP, which plunged 8% this Wednesday after the advertising giant was forced to cut its full year forecasts."
Not all of the FTSE’s losses were macro-focused, however – well, at least not directly. Much of that drag came from Martin Sorrell’s WPP, which plunged 11% this Wednesday after the advertising giant was forced to cut its full year forecasts. The firm now expects annual revenue and net sales growth of between zero and 1%, down from the 2% stated in March (and the 3% suggested before that), leaving it on track for its worse year since the 2009 ad recession. That’s because reduced client spending, itself thanks to macro-economic uncertainty, meant net sales in the first half of 2017 fell by 0.5%, far worse than the 0.6% to 0.7% growth anticipated by analysts, including an especially alarming 1.7% drop in Q2 net sales.
Over in the Eurozone the DAX and CAC were dealing with the latest round of flash PMIs. For the region as a whole the manufacturing reading is set to slip from 56.6 to 56.3 month-on-month, while the services figure is forecast to remain unchanged at 55.4. The German and French indices aren't too bothered about that, however, rising 0.3% and 0.1% respectively as the euro continues shed some of its recent growth against the dollar.
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