Spreadex Market Update
Commodity crunch and weak data denies European markets further gains this Friday morning
First up is the FTSE, falling by 40 points as Friday got underway, with the majority of its previously well behaved oil and mining stocks dipping into the red immediately after the bell. The current state of the commodity sector may well overshadow the upcoming second estimate third quarter GDP figure reveal; expected at an unchanged (from the preliminary number at least) 0.5%, Britain’s Q3 growth falls firmly in the ‘solid if unspectacular’ category, better than the dismal first quarter but lagging a surprisingly strong Q2. Also still to come is the preliminary business investment data; already revised down to 1.6% for last quarter, analysts are expecting another dip to 1.5%.
Over on the continent and the Eurozone indices have already seen an influx of data, something that hasn’t gone down too well with investors as Friday has got underway, the DAX and CAC falling by 10 and 20 points respectively.. German import prices came in at -0.3%, better than last month’s -0.7% drop but worse than the -0.1% slip forecast; French consumer spending, meanwhile, plunged to -0.7% from the 0.2% expected, understandable given recent tragic events. The only bright spot was a marginally better than anticipated Spanish inflation figure, and even that came in at -0.3%.
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