Spreadex Market Update
A sea of red can be seen across the majority of major bourses today as the chance of multiple US interest rates hikes becomes an ever increasing possibility, therefore putting pressure on commodities and shares around the world.
Mid-way through the European session, the DAX is currently trading 155 points lower whilst in London, the FTSE is 87 points lower and therefore on track for the fourth day of declines as the increasing strength in the US dollar continues to weigh in on markets after Bullard’s comments. With the dollar strength, we have seen commodities being hit such as oil, now trading under $39 a barrel. Oil producers Tullow Oil are currently trading over 6% softer whilst miner Anglo American can be seen 7.5% lower.
Trading significantly lower today is UK retailer Next after the company announced 2016 “may well be the toughest year we have faced since 2008”. The high street store is currently trading 13% lower after releasing its annual results this morning.
Heading into the afternoon session, investors should be aware of US Core Durable Goods Orders and Unemployment Claims figures due out at 12:30 GMT.
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