Spreadex Market Update
Dow Jones edges higher as woeful manufacturing PMI challenges hawkish comments from Bullard and Rosengren
Despite the latest Markit manufacturing PMI besting the 6 and a half year low seen last month the Dow Jones managed a near 50 point rise after the bell. Investors were perhaps buoyed by the damage the figure does to any hawkish rumblings in the Fed; then again, perhaps not, with central bank members James Bullard and Eric Rosengren beating the pro-hike drum to varying degrees across the past 2 days.
Over in the UK the FTSE just about nudged its way to flatness as the day progressed, gains for the likes of Royal Mail, Royal Bank of Scotland, easyJet and TUI (the latter two themselves lifted by Ryanair’s 43% surge in full year net profit) compensating for the reddish hue of the commodity sector.
The Eurozone indices continued to ignore the arguable good news coming out of Greece, and the decent PMIs from Germany and France, to instead focus on the worrying slowdown in the region-wide composite figure. Tomorrow will give investors another peak at the state of the Eurozone’s economy, with the final GDP from Germany arriving alongside the latest ZEW economic sentiment numbers.
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