Spreadex Market Update
Dow Jones rides in to save the day after strong consumer confidence data
A solid, if slightly lower than expected, flash services PMI coupled with the best CB consumer confidence figure since last September (at 98.1 vs the 96.3 seen last month) helped the Dow Jones get off to an impressive start this Tuesday, jumping around 180 points after the bell. It was the kind of open that refreshed the entire market landscape, allowing Europe to creep into the green for the first time since the first few moments of trading on Monday morning.
It will be interesting if the sudden positive US sentiment can last until tomorrow, especially with the prospect of an Apple Q1 2016 earnings release (arriving after the close this evening) that already has analysts wary of the impact of both the Chinese slowdown and the disappointing performance of the iPhone 6s range.
Whilst the Eurozone indices managed a complete one-eighty, the DAX and CAC now both up nearly 1% after falling more than that amount during the morning the FTSE has been far coyer with its afternoon gains. Up only 0.5%, the UK index is limping behind its peers, despite a distinctly green hue to its normal bugbear, the commodity sector. Perhaps the continued declines by the likes of easyJet and Dixons Carphone (both disappointing investors this morning with their latest updates) alongside Kingfisher (still suffering after yesterday’s revamp announcement) have hampered the FTSE’s comeback.
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