Spreadex Market Update
European indices limp as German Ifo business climate figure hits one year low
Climbing away from its initial lows the FTSE nevertheless remained hampered by its commodity sector as the day went on, falling by 25-30 points. That does, however, leave the UK index a smidge above the 6000 mark, a level that it appears to be struggling to significantly break beyond. Countering the BHP Billiton bug that has infected the mining stocks is a sector lifting rise from Persimmon and a 3% jump from Intercontinental Hotels, the latter thanks to the announcement of a special $1.5 billion dividend; enough to mitigate, if not completely eradicate, the FTSE’s Tuesday tumble.
Like the FTSE Eurozone indices have lost their lustre this Tuesday, the DAX dropping by around 60 points with Monday’s over-exertion seemingly leaving the index with a slight hangover. It didn’t help, of course, that the German Ifo business climate figure fell to a 12 month low of 105.7 suggesting that, for all the DAX’s 3 week high hitting excitement yesterday there are still some major underlying fears (take your pick from a potential Brexit, the ropey Eurozone economy, slowing Chinese growth or the still unresolved refugee crisis) impacting market confidence.
Looking ahead and after reaching a fresh 6 and a half week peak the Dow Jones is set to drop at the open, the futures currently suggesting a 60 point fall. How the index performs after the bell, however, could be dictated by this afternoon’s dose of data; not that things look too promising. The CB consumer confidence is expected to slip to 97.4 from 98.1, whilst the existing home sales figures are forecast to fall from 5.46 million to 5.37 million.
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