Spreadex Market Update
Dow Jones is Santa in disguise as the USA leads worldwide rally
After opening at 18000 on the back of incredible, and surprising, GDP figures for the USA, the Dow Jones managed to maintain this level, and some, to close at 18026.5, with futures are pointing to the US index sustaining this record at its open later today. As the US is the only real recipient of economic news today, all the Dow has to do is weather US unemployment claims this afternoon to enter Christmas Day on an impressive high.
This prolonged display of health, and more impressively, the US markets’ ability to recover from its oil-inspired slump appear to guarantee that the US Federal Reserve will raise interest rates in the New Year.
Despite the lingering effects of disappointing current account data meaning that the FTSE couldn’t take advantage of the USA’s positivity yesterday afternoon, the UK index managed to open strongly this morning after a sterling performance by one of its stocks. Rumours that Stryker Corp are set to take-over the UK medical device marker Smith & Nephew meant that both the company itself, and the FTSE received a Christmas bump to allow the index to put yesterday’s woes behind it.
Unlike the FTSE, the Nikkei managed to benefit from the USA’s strength, piggy-backing on the surprise GDP figures and record breaking Dow performance to close strong on Christmas Eve. With Abe reaffirming his commitment to ‘Abenomics’ this morning, Japan will have a busy few days as it continues to release economic data as the Western markets wind down for Christmas.
Finally, after closing up at $61.50 per barrel following the impressive USA GDP figures, Brent Crude oil once more failed to maintain any minor rebound it undergoes, slipping back to $60.97 as this morning unfolded. At present these minor bumps of positivity are all the commodity can hope for as OPEC continues to scowl ominously in its direction.
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