Spreadex Market Update
Commodities continue to dominate whilst 25 month low US manufacturing PMI lifts Dow
After flirting with a 30 point drop the Dow became somewhat perkier as the afternoon went on, seemingly lifted by a 25 month low for US manufacturing (the Markit figure coming in at 52.6 against the forecast 54.0 and the previous 54.1) and a worse than expected existing home sales number. It suggests that, whilst the markets jumped at signs of the Fed ending its months-long uncertainty-littered crawl towards raising rates last week, investors would still take a lift-off delaying piece of data over something more positive.
Turning to the commodity crunch that dominated this morning’s trading, and following a Saudi statement that suggested the country was ready to ‘cooperate’ with its OPEC (and elsewhere) peers to ensure ‘the stability of the oil market’ Brent Crude switched from a 1.5% loss to 1.5% gain, climbing back to $45 per barrel in the process. Not that it could drag the UK’s oil stocks (or copper) with it, leaving the FTSE still down by (an admittedly reduced) 15 points.
The Eurozone was similarly limp this afternoon, with the DAX and CAC falling by 15 and 20 points respectively. That, still, is a reduction of the day’s earlier losses, even if the indices (especially the DAX) could arguably feel a bit hard done by given the (by and large) strength of the region’s services and manufacturing figures this morning.
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