Spreadex Market Update
Markets contract after yesterday’s blowout
The FTSE was the biggest loser, contracting after yesterday’s spurt as AO World and the Weir Group continued to post severe losses, alongside Bwin, Telecom, Afren and Hays all sinking further into the red. The positive day for Petrofac, Sky and Greggs couldn’t outweigh the negativity; whilst HSBC suffered more losses as its chief were grilled by the Treasury committee over the Swiss tax scandal. Even a brighter picture for Brent Crude, continuing to edge back towards $60 per barrel despite US crude inventories coming in higher than expected, could help the FTSE out of its dismal day.
Over in the US, Wall Street had a disappointing open, failing to build on the record highs reached last night. However, the Dow Jones has still had a phenomenal run, and barring a disaster in the next two days should secure its third ever 1000 point month. And after 10 consecutive days of gains, the NASDAQ is marginally down, even though it remains achingly close to the 5000 level not seen since March 2000. New homes sales data was mixed, with this month’s figure beating expectations whilst last month’s was downgraded by about 50k. There continues to be a discrepancy between the regular weakness of the US data and the strength of the US markets, one that is perhaps causing the calls for an interest rate hike even if the country’s recovery isn’t as solid as it needs to be.
After barbed remarks from Greece and Germany this morning, and a reportedly tense Greek parliament where Tsipras urged his peers that the course Syriza has chosen is the best for the country given its current state, news from the Eurozone was sparse on the ground this afternoon. This meant Eurozone indices had little new information to cause a reversal of their declines as the day trudged on.
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