Spreadex Market Update
Market cheer (well, barring Game Digital) returns ahead of UK current account and GDP figures
With Brent Crude now trading just above $36.50 per barrel the FTSE opened in high spirits this morning, increasing by nearly 90 points to approach a two week high. If those gains are to remain, however, the UK index will have to endure its final two obstacles before the Xmas break, its current account and final Q3 GDP figures. The former, which ended a 10 quarter run of underperforming data with a better than anticipated £16.8 billion deficit in September, is forecast to sharply rise to £21.3 billion; the latter, meanwhile, is expected to remain unchanged at 0.5%.
The Eurozone indices, which seemed to suffer a case of post-Spanish election jitters throughout Tuesday, are making a rather robust comeback this morning. The DAX jumped by over 200 points whilst the CAC surged by 70, the latter rising despite a fairly limp French Q3 GDP figure and an unexpected, and dramatic, drop in the country’s consumer spending.
Yet it wasn’t all Christmas cheer this Wednesday; Game Digital plunged a whopping 35% after announcing its revenue fell 6.7% (to £466.8 million) for the 21 weeks to mid-December, causing the company to forecast half year underlying earnings of £30 million compared to £43 million a year before. The spectre of Amazon loomed over Game Digital’s profit warning this morning, a warning that could be the first of many in a retail sector that is constantly feeling the pressure from the online giant.
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