Spreadex Market Update
Mining rock and oil hard place leaves FTSE down by 1%
November has been a truly terrible month for copper; from $2.33 per pound the metal has fallen all the way to $2.01 (and looks like it could well dip below that $2 mark at some point during the day), hitting its latest 6 year low as investors fret over the shrinking demand from China. Compounding the commodity crunch was Brent Crude; dropping by one and a half percent the oil instrument fell below $44 per barrel, not far away from last week’s lows, after Iran’s oil minister remained adamant that his country doesn’t ‘need permission from OPEC or any other organisation’ to up its output.
Of course the FTSE, stuck between a mining rock and an oil hard place, dropped by over 60 points after the bell, with its commodity sector an ugly shade of red. Glencore, Anglo American and Antofagasta dominated the losers list, with a similarly shoddy performance from the likes of BP and Shell. And with nothing of note on the cards for the UK index data-wise it appears only a reversal of the sector’s current losses can save the FTSE from a grim start to the week.
The Eurozone wasn’t much better this Monday; a mixed selection of French manufacturing and services PMIs (the former edging higher than expected, the former falling below estimates) set a dour tone ahead of the rest of the region’s figures, and left the DAX and CAC down 55 and 20 points respectively.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
