Spreadex Market Update
Turkey/Russia tension remains whilst US Q3 GDP beats estimates
This meant that, despite a wide-spread rebound from its previously falling oil and mining stocks, the FTSE could only shrink its losses to 50 points, hampered by the general uneasiness in the European markets and a 9 month low CBI realized sales figure. The Eurozone was even more affected by market fears over the Turkey/Russia situation, with the DAX widening its losses to 180 points and the CAC continuing to trade nearly 2% lower.
The US markets weren’t quite as negative as their European cousins, even if they remained in the red for slightly different reasons. A better than forecast 2.1% annualised Q3 GDP figure, up from the initial 1.5% estimate, was joined by an unexpectedly reduced goods trade deficit (falling to $58.4 billion from last month’s $59.1 billion). The strength of these figures overwhelmed the afternoon’s sharp drop in US consumer confidence, from 99.1 to 90.4, and left the continually rate hike-averse Dow down by 60 points.
The good is bad/bad is good sentiment the US markets seem to have returned to will get an extra hard work-out on Wednesday, with a bumper afternoon of pre-Thanksgiving data on the cards. Durable goods orders, jobless claims, personal spending and income, new home sales and the revised UoM consumer sentiment figure are all released tomorrow. By and large the numbers are expected to be an improvement month-on-month, something that could spell trouble for the Dow Jones and its US peers.
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