Spreadex Market Update
US Q1 GDP second estimate and Yellen speech set to liven up dull Friday
The FTSE plodded along flat on the day, with the DAX and CAC effectively following the UK index’s lead. Both regions had nothing in the way of data to offer this Friday, and with Brent Crude threatening to fall below $49 per barrel were lacking the recent commodity-buzz that has helped push the indices to 3 week highs.
There should be a bit more to chew on this afternoon, with the US serving up the second estimate Q1 GDP data, the revised UoM consumer sentiment number AND a speech from Fed chair Janet Yellen. Analysts are expecting first quarter growth to be revised up to 0.8% (at the annualised rate) from the initial 0.5% reading, while the consumer sentiment figure is forecast to slip to 95.7 from 95.8, effectively remaining at a 13 month high.
All this will put pressure on Yellen to offer some indication of what way the Fed is heading going into its June meeting next month, though the central bank president may be reluctant to offer too much guidance before she gets a look at next week’s non-farm jobs report. For now the Dow Jones is tentatively pleased with what is on the horizon, the futures pointing to a near 30 point rise after the bell.
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