Spreadex Market Update
German net trade hits 2 year low as European markets continue decline
For once the FTSE’s mining stocks weren’t the biggest bearer of bad news; that honour fell to its oil sector, with the likes of BP and Shell sitting just on the wrong side of the green/red divide. Add onto that continued weakness from the UK financial sector, and declines for reporting stocks like AO World and Kingfisher, and the FTSE was down by nearly 50 points as the day got underway.
In terms of UK-specific news, Mark Carney and some of his chums from the Bank of England will get a grilling from MPs later this morning, with questions likely to be focused on the central bank’s recently slashed outlook for the UK economy. Following that is the CBI realized sales, forecast to increase to 25 from last month’s much worse than expected (and 6 month low) 19.
It wasn’t the best morning for the DAX, which fell by 110 points soon after the bell. With Germany’s third quarter GDP confirmed at 0.3%, it was revealed the main drag on the country’s growth was its 2 year low hitting net trade, with the increasing disparity between limp exports and surging imports lopping 0.4% off of the Q3 figure. Still to come, however, is the German Ifo business climate number; expected to see a marginal increase from 108.2 to 108.3, any unexpected improvement in the figure could see the DAX climb away from its lows. Given, however, recent events in Europe, a missed target seems more likely.
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