Spreadex Market Update
Europe resumes decline after flirty with mild gains throughout the morning
The perpetual whipping boy of Brent Crude’s decline, the FTSE, suffered alongside the commodity this morning, the UK index falling back by 0.6% after at points grazing the green side of the loss/gain divide. Add onto that the continued Royal Bank of Scotland-inspired declines in the banking sector and the FTSE lost all of the positive momentum it had begun to acquire earlier in the day.
The Eurozone was the sight of the most extreme losses this Wednesday, the DAX and CAC falling by 0.9% and 0.8% respectively. It seems that, with very little news, especially in the Eurozone, investors are indulging in the fears that have defined the start to 2016, causing the markets to shed much of the gains made late in the day on Tuesday.
Whilst yesterday the Dow Jones rode in to save the day, a strong US open and a stellar consumer confidence figure helping the European markets recover some of their swagger, it looks like today’s US open won’t be able to inject the same sense of optimism. Currently looking at a 90 point drop when the bell rings on Wall Street, the Dow is set to follow Europe’s malaise-filled example when the American session kicks off this afternoon. Matters likely won’t be helped by further (negative) reaction to Apple’s disappointing first quarter results, released after the markets closed last night. The tech giant saw the slowest year-on-year iPhone sales growth since the ubiquitous device’s inception back in 2007, alongside a mere 2% rise in revenue (to $75.9 billion), a rise that might be enough for most companies but simply didn’t pass muster with Apple’s expectant investors.
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