Spreadex Market Update
Dow does little for Western markets as sleepy start to the week continues
An unexpected drop in new US home sales, alongside a dismal Dallas Fed manufacturing index figure, helped the Dow fall further into the red this afternoon, after a barely perceptible open had seen the index initially flirt with remaining unchanged on the day.
The FTSE, meanwhile, maintained a saw its losses re-widen back to 25 points, hampered, as ever, by a disappointing day from its oil and mining stocks ahead of the latest earnings releases from BP and Shell (with both reportedly poised to see their profits halve) alongside the sustained slide from cyber-crime victim TalkTalk. Even the DAX, up for most of the day, lost its energy as Monday continued, with its better than expected business climate figure unable to provide anything but the most nascent of gains.
Yet it is likely that today is a mere moment of respite between last week’s market-moving announcements from the ECB and the PBOC and the wave of important figures and earnings releases still to come before October ends (including the mid-week peak of the latest FOMC statement). On Tuesday alone there is the preliminary third quarter GDP number for the UK, US consumer confidence and durable goods figures and arguably the most anticipated release of the entire earnings season in the form of Apple’s fourth quarter results.
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