Spreadex Market Update
Abe warning leads to muted European open, while Brent Crude crosses $50 per barrel
With Brent Crude crossing $50 per barrel for the first time this year the FTSE could keep hold of, if not exactly improve on, the 3 week highs hit during yesterday’s trading. The black stuff is continuing to benefit from the various oil production-interrupting events across the globe, from supply disruptions in Nigeria to the tragic wildfire in Canada; the most recent catalyst was something far more banal, however, a drop in US crude inventories helping Brent nudge above that landmark level.
Yet the UK index nevertheless opened fairly flat, with investors arguably waiting for the release of the country’s second estimate first quarter GDP figure. The reading is expected at an unchanged 0.4%, though the breakdown of what (and how) each sector changed across the first 3 months of the year may dictate movement as the morning continues.
Like the FTSE the Eurozone indices didn’t quite have the energy to make yesterday’s gains, the DAX and CAC instead climbing a slight 0.2% higher as the morning got underway. After being firmly in the focus for the first half of the week the Eurozone ducks out of the spotlight this Thursday, though any update on Greece (and a fairly unhappy IMF) will be of interest to investors.
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