Spreadex Market Update
Red dread runs through Thursday’s trading
With unemployment claims at a 5 week low, before the bell rang things looked like they could turnaround this afternoon. However, investors took this strong jobs figure as a boost to the hawks in the Fed, ensuring that the Dow Jones and its peers remained at a loss whilst allowing the dollar to reclaim some of the morning’s damage from the euro and the pound. Another final GDP figure looms tomorrow for the US; a disappointing result and things could go from bad to worse for the Dow.
With the US markets falling to spark a change in direction, the FTSE continued to say its painful goodbyes to 7000, for now at least. Elsewhere, Royal Dutch Shell was down today as it announced it was to cut 1 in every 10 of its North Sea employees, in another sign that, despite oil’s rallies today, the situation remains fairly dire for many of the oil sector’s companies, big or small. In more positive news, Supergroup was the big winner of the day after the clothing company announced Idris Elba, long rumoured as the next Bond after Daniel Craig, as the face of its 'global lifestyle brand'; this news saw the stock surge around 6% as the day went on.
If the FTSE and the Dow were bad, then the Eurozone was no better, with this morning’s strong data disappearing without a trace as the region’s indices continued their descent into red-tinged darkness. There is little on the table tomorrow for the Eurozone, though even if there was it wouldn’t ensure a reversal of fortunes if today’s trend is anything to go by. It will have to look to the FTSE and Dow, especially, for signs of a turnaround if it wants to avoid another 3 figure sell-off on Friday.
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