Spreadex Market Update
Dow drowns under US data dump; FTSE maintains housing-boosted gains despite mining mayhem
You couldn’t move for American figures this afternoon. Chucking everything at investors before the Thanksgiving break, the US saw a month low jobless claims figure, a 3 month high for core durable goods orders and a 7 month peak for the flash services PMI countered by the worst core PCE price index figure since December last year, some stagnant personal spending data, a disappointing (un)revised UoM consumer sentiment number and a lower than forecast new home sales figure. This all meant that, whilst its European peers went riding off into the distance, the Dow Jones was left with a meagre 15 point jump, the sheer amount of data released making it unclear as to what investors were actually reacting to.
With most of the Autumn Statement-boost factored in this morning, and a mining sector that only looked sicklier as the day went on, the FTSE merely maintained, rather than expanded on, its early 50 to 60 point gains as the day continued. The UK housing stocks, with a doubled budget and 400,000 new affordable homes promised by George Osborne, remained the best performing sector, joined by an earnings-lifted Thomas Cook and a takeover-talk tantalised Ophir Energy.
Investors looking for super-charged growth, however, did better to focus on the Eurozone than the news-dominant UK and US markets. The DAX, relishing the chance to stretch its legs in the way it did earlier in the year, jumped a whopping 250 points, whilst the CAC teetered on the edge of 4900 after rising by just over 1.5%.
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