Spreadex Market Update
Mild markets this Monday following the Draghi/China double-whammy at the end of last week
A positive (delayed) reaction from the Asian markets in regards to China’s sixth interest rate cut since November couldn’t really help the European indices this morning. The FTSE, falling by around 25 points soon after the bell, was weighed down by (what else?) its mining and oil stocks, with investors seemingly less sure about the Chinese rate cut than they were last Friday. In terms of data, all the UK has to offer is its latest CBI industrial order expectations number, something that could provide a further drag on the commodity stocks with the figure expected to slip to -8 from -7.
Following an ascendant week, the DAX was the best performing European indices this Monday; not that such a title meant much this morning, with the German index’s minor 8 point drop hardly a sparkling highlight. And after surging past the 10100 mark it had been struggling to break beyond since the Volkswagen scandal hit in September, the DAX maybe have to wait to cross its next major landmark, the 11000 level it abandoned in the Chinese chaos of mid-August, with a VW-inspired fall in the German Ifo business climate figure likely to compound today’s nascent losses.
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