Spreadex Market Update
Dull day leaves European markets fairly flat; McDonald’s to announce Q2 results pre-market
The FTSE continued to hover around barely perceptible gains, with the losses for BP negating some of the tentative stability in the actual commodity stocks. UK retail sales missed what was already a fairly low target, declining by 0.2% instead of growing by the forecast 0.4%; the FTSE barely budged on the news, with the pound bearing the brunt of investors’ negative reaction, slumping against both the dollar and the euro.
The Eurozone indices were similarly unenthused this dreary Thursday morning, coasting to mild gains on the back of the optimism that crept in following last night’s successful Greek vote. Yet with little else of sustenance until this afternoon’s consumer confidence figure, which itself is unlikely to provide much excitement, the DAX and CAC may have to content themselves with a rather meagre set of gains as the day goes on.
It falls once again to the US to inspire some kind of trading appetite; the weekly unemployment claims figures will titillate those watching the Fed rate hike debate, whilst there are a few more big hitters set to announce their latest earnings figures. After Coca-Cola saw a muted market reaction to its mixed second quarter release, that other symbol of American junk-food domination, McDonald’s, reveals its own results before the bell.
Like Coke the growing health-conscious nature of much of the US public has increasingly harmed McDonald’s sales, something it has tried to combat through a smorgasbord of varying, and often contradictory, measures. The latest reports suggest the company will finally roll out its all-day breakfast menu across America, whilst still pushing for diner customisation AND a reduction in menu size AND healthier products. Investors will be keen to see how successful CEO Steve Easterbrook’s ‘turnaround plan’ has been, a plan which included such innovations as splitting the company into 4 global divisions and refranchising a huge swathe of its restaurants.
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