Spreadex Market Update
FTSE and Dow Jones struggle as Brent Crude falls below $45 per barrel
Falling just shy of half a percent the Dow Jones was the worst performance this Monday, dipping below 18500 in the process. The FTSE saw a similar showing, dropping by around 25 points to threaten that 6700 level. The main drag this afternoon seems to be coming from the commodity sector; Brent Crude has fallen nearly 2%, taking the black stuff back below $45 per barrel. This news has hardly been welcomed by the oil and mining stocks, with BP (which reports tomorrow) and Royal Dutch Shell (which reports on Thursday) both slipping by nearly 2.5%.
The Eurozone also saw its gains dissipate this Monday, though with varying degrees of severity. Having been up nearly 1% this morning the CAC is now flat on the day at 4370; the DAX, on the other hand, has held onto around 50 points of its earlier growth, the German index aided by that better than expected Ifo business climate figure this morning.
With most of the week’s action happening from Wednesday onwards (including UK and US Q2 GDP, as well as the latest statements from the Federal Reserve and the Bank of Japan) Tuesday looks set to be almost as dull as Monday, with only the US CB consumer confidence and flash services PMI figures to look forward to.
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