Spreadex Market Update
Big morning for UK companies, whilst plenty of data for US/Eurozone
The Eurozone dominates this morning’s releases, already seeing a Gfk German consumer climate that edged just higher than expectations. This will be followed by German unemployment change, M3 money supply and private loans; forecasts are looking mixed, however of late the markets have been much more concerned with the issues in Greece and the Ukraine. The situation in the former continues to be tense, as growing dissent in the Greek parliament as Syriza scramble to justify their reversed position, and a muddied stance on privatisation, inspires more doubt in investors. On the back of these issues, the Eurozone indices continued to hover around their recent highs without threatening to improve on their current prices.
Whilst the UK awaits its second estimate GDP, the FTSE had another flat open after shrinking away from its highs by close last night. It was a busy morning for UK stocks, with some big hitters announcing earnings releases. Despite posting £3.5 billion in losses for 2014, with the extra blow of George Osborne sternly commenting in a letter to the bank that its executives shouldn’t receive a bonus this year, Royal Bank of Scotland made gains this morning as the shrinking of losses from £9 billion in 2013, alongside are some changes at the top, increased investors’ confidence in the stock. Capita also posted strong gains with a 14% increase in underlying revenue, whilst Domino’s Pizza Group saw record results and healthy growth on the markets. However, declines by Easyjet, Reed Elsevier and Premier Oil meant that the UK index couldn’t make more robust growth this Thursday morning.
Finally, after lingering near, but not quite higher than, its record highs, the Dow Jones and the other US futures are currently looking rather flat ahead of an important afternoon of US data. Durable goods orders and the regular weekly unemployment claims update will be of interest; more important will be the CPI figure. After Yellen claimed that the Fed would move to raise interest rates until they were confident that inflation was on its way to 2%, this latest CPI figure is guaranteed to undergo intense scrutiny once it is released later today.
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