Spreadex Market Update
Markets continue to fall whilst BHS rivals (excluding Next) benefit from company’s collapse
Slipping by around 135 points the Dow Jones is once again back below 17900, the generally gloomy state of the markets this Monday preventing the US index from considering any growth. A new home sales miss likely didn’t help matters, the figure coming in at 511k against the 521k expected and the upwards-revised 519k seen last month. At least tomorrow should be a bit livelier for the US markets, the latest durable goods and consumer confidence figures followed by after-hours releases from Twitter and, more importantly, Apple.
With the US open adding little the Eurozone indices couldn’t shake their day-long dreariness, the DAX and CAC widening their losses to 1% and 0.6% respectively. That 100 point-plus fall from the German index sees it back under 10300 for the first time in 6 days, endemic of the aimless trading that has followed the global indices hitting a bevy fresh 2016 highs last week.
After teasing flatness at lunchtime the FTSE gave up the ghost as the day went on, reverting back to a 40 point loss as a dismal showing from its commodity stocks compounded the sense of unease that greeted BHS filing for administration. BHS’ rivals have largely benefited from its collapse this Monday, be it online stores like ASOS and Boohoo (the latter seeing a 5% rise ahead of its preliminary results tomorrow), or similarly recognisable high street staples like Marks & Spencer and Sports Direct. Interestingly Next bucked this trend, falling nearly 1.5% as the company’s investors wondered if they were looking at the Ghost of High Street Future.
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