Spreadex Market Update
US consumer confidence miss ensure Dow joins European losses, whilst LSE surges on Deutsche Bourse merger talks
Whilst the existing home sales figure actually saw a mild increase month-on-month, from 5.45 million to 5.47 million, more notable was the sharp decline in the CB consumer confidence number. Coming in at 92.2 against the 97.4 last month the figure, like this morning’s year-low German Ifo business climate data, highlights just how entrenched the market’s current fears are, despite the sporadic surges that have taken the global indices to a variety of recent highs. There was to be no such surge this afternoon, however, the Dow Jones dropping over 100 in light of that literal knock to the index’s confidence.
Over in the UK the FTSE fell past its earlier lows as the afternoon progressed, declining around 50 points to trickle underneath the 6000 mark following the weak US open, a drop exacerbated by Brent Crude slipping under $34 per barrel once again. The index actually would be even lower if it weren’t for the London Stock Exchange; the company jumped over 10% this Tuesday after reports that it is in talks with Deutsche Boerse (whose advances LSE rebuffed in both 2000 and 2005) were confirmed.
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