Spreadex Market Update
Investors take to the side-lines
European stocks remain little changed as investors take to the side-lines to analyse a string of economic data and earnings. German Flash manufacturing PMI figures came in much better than the 49.6 benchmark, exceeding estimates with a reading of 51.8. The unexpected figure was the best since July after economists had anticipated a second month contraction. This has contributed to gains in the DAX this morning which is currently trading up 25 points to 8964.
Heading into the afternoon, the FTSE is drifting slightly into the red. Supermarkets were once again in the limelight after Tesco reported a 92 percent fall in profits. They reported a bigger than expected gap in its finances this morning after finding accounting mistakes had gone back further than initially anticipated. This has led to the chairman, Sir Richard Broadbent, standing down after the mishap.
Data this afternoon showed that more Americans filed for jobless claims, coming in at 283,000, much higher than the 269,000 estimate. However, the market remained little fazed, with futures in the Dow Jones on track to open 130 points higher. US stock futures have advanced during the premarket after decent earnings from Caterpillar Inc and Boston Scientific Corp boosted sentiment.
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