Spreadex Market Update
FTSE opens flat
Gains have been limited somewhat by a downbeat performance in the US yesterday evening with the Dow finishing marginally lower after the German Ifo business sentiment figure dropped for a fifth straight month, raising fears of a recession further.
The ECB’s willingness to write out a blank cheque for government bond buying through Outright Monetary Transactions has certainly propped up financial markets over the past few weeks, with European Stock markets shooting higher and yields on government paper heading south, however this optimism does not as yet appear to have spread to the real economy with German companies sceptical of the impact Mario Draghi’s policies will have.
With renewed fears over Spain’s economic situation it will be interesting to see what comes from Draghi and Merkel’s meeting today, which is likely to determine the short-term trend.
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