Spreadex Market Update
Markets perk up despite Brent Crude touching 3 month low
Interestingly, it’s not as if the commodity market problems have improved by much; whilst copper’s losses began to calm, Brent Crude soon took its place, at points dipping below $55 per barrel for the first time in 3 months. Yet the FTSE’s gains began to open up, if only from practically none to a mid-teens bump, perhaps because of the slight improvement in (if still losing form of) key oil and mining stocks like BP, Shell and Rio Tinto.
The Eurozone had a similarly mild renaissance, despite pretty dismal services and manufacturing PMIs across the region. Yet the weakness of those PMIs is understandable; they were taken in the period post-Greek referendum but pre-the Greek deal agreement that came from that exhausting EU summit, i.e. the most fervent period of instability since Syriza came into power. Awareness of this fact (which, granted, might be giving investors too much credit) alongside the general optimism that is still lingering at the peripheries of the region has so far allowed the CAC and, less so, the DAX to edge into the green as Friday progressed.
The US futures shared in the tentative gains this morning, soon to be helped by Amazon’s post-results surge. The afternoon brings with it America’s own flash manufacturing PMI as well as the new home sales figures; two minor entries into the Federal Reserve’s rate-hike readiness assessment, but nevertheless still indictors of the USA’s economic health. In terms of the earnings season, Friday perhaps doesn’t bring with it the same level of interest as the rest of the week, but still offers up American Airlines and Spirit Airlines, two companies likely to have benefited from oil’s continued softness.
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