Spreadex Market Update
Eurozone indices surge on hopes of Draghi action next week
The Eurozone was the source of the main market action this morning, even if there was little actual, well, action. A better than anticipated M3 money supply figure (at 5.3% against the 4.9% expected) was the only firm data on offer; however, a wave forecast-cutting for the euro got investors all hot under the collar at the thought of an impending injection of ECB QE (with the central bank meeting next week). This meant the DAX surged to a near 150 point increase as the day wore on, crossing 11300 for the first time since August 12th; the CAC, meanwhile, got in on the action after a slow start to the morning, jumping by 1% to a week high.
The FTSE may not have been quite as jubilant as its continental cousins, but it has still managed to maintain a 35 point rise, largely thanks to a well-behaved commodity sector. The miners, the most persistent thorn in the UK index’s side of late, remained the main presence on Wednesday’s winners list, with only Vedanta Resources (hit by news that its Konkola Copper Mines in Zambia would be mothballing one of its operations) dipping its toe into the red.
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