Spreadex Market Update
European markets remain near parity
European markets remain near parity, with investors taking to the side-lines on this very data light Wednesday. With little movement in the markets and as US futures trade within all-time highs, investors are finding little reason to add or reduce positions.
The euro continued its slide, hitting its lowest level in a year against the dollar as expectation grew that the European Central Bank will act soon to counter low growth and inflation. German consumer sentiment fell for the first time since early last year; helping speculation the ECB could use further tools to help tackle low growth. The survey of 2,000 consumers rated the relative level of past and future economic conditions showing an 8.6 reading, lower than the 8.9 expected.
Industry data within the supermarket sector showed that declining sales continued to worsen, wounded by the weakest market growth in a decade. Figures from Kantar exposed the tough challenges recently placed Tesco boss Dave Lewis will need to tackle. Kantar Worldpanel showed Tesco’s sales fell 4% year on year whilst Sainsbury’s saw a slight dip in there share to 16.4%. Despite the negativity, Morrison’s shares jumped the most in three months after the data showed four-week sales improving, suggesting Chief Executive Dalton Philip’s price-cutting strategy is starting to work.
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