Spreadex Market Update
DAX maintains Greek-driven optimism while FTSE and Dow Jones struggle for momentum
It seems that investors are still cautious of any data that may back up the hawks in June’s Fed meeting. For although the durable goods orders far surpassed expectations at 3.4% against the 0.3% forecast (with the core figure rising to 0.4% from 0.3% last month) the Dow Jones failed to muster much momentum after the bell, sporadically dipping into the red as the US session got underway.
Tomorrow will test that idea further, as the 2nd estimate US Q1 GDP figure is revealed. Following the woeful 0.5% reading at the annualised rate analysts are expecting the country’s first quarter growth to be revised up to 0.8%. It will be interesting, then, to see if such an improvement inspires joy or dismay in the eyes of investors.
With Brent Crude trickling back under the $50 per barrel mark, and the morning’s GDP breakdown providing little cause for celebration, the FTSE failed to find a reason to hold onto its earlier gains this Thursday. Instead the UK index fell away from its 6280-peak, slipping by around 0.1-0.2%.
While the Dow Jones and FTSE struggled the Eurozone indices remain fairly perky, the DAX and CAC jumping another half a percent followed 2 days of Greek-driven growth. Investors have proved to be surprisingly receptive to the latest Greek bailout deal, despite the healthy dose of scepticism (and IMF-scorn) surrounding the agreement.
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