Spreadex Market Update
Standard Chartered impresses as FTSE just about holds onto its growth
With BP up nearly 4.5% (its stable dividend and promise of further cuts compensating for the company’s wince-worthy 80% fall in profits), Whitbread rising 0.5% and, most importantly, Standard Charted surging by a whopping 9.5% as the bank posted pre-tax profit of $589 million (compared to the $4.05 billion loss seen this time last year), the FTSE rose by around 20 points as the day went on. That still leaves the index under the 6300 mark, the FTSE struggling to match the surprising surge it saw last week.
After starting the day off with a bang the Eurozone indices fell back this Tuesday, the DAX and CAC stuck below 10300 and 4500 respectively. There isn’t much for the region to work with as the day goes on, the brunt of the Eurozone’s data coming on Thursday and Friday.
With the Dow Jones teasing the 18000 mark once again, the futures sporadically crossing that level as the morning went on, the US session finally provides a bit of excitement this Tuesday. The durable goods orders are expected to bounce back from last month’s downward revised disappointment of -1.3% to 0.6%, whilst the flash services PMI should hit 52.3 after rising to 51.3 last month. The consumer confidence figure, however, is set to slip back to 95.8 from 96.2, something that could spoil any goodwill created by the other data.
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