Spreadex Market Update
UK Q3 GDP as expected at 0.5%, but net trade hits 18 year low
Coming in at the as-forecast 0.5%, the avoidance of any further slowdown in UK in the third quarter likely helped the FTSE with its burgeoning recovery, as did an unexpected increase in the quarterly prelim business investment figure. Not that the GDP data was all good news; net trade was the main worry, hitting an 18 year low as the trade balance deficit almost doubled, growing from £7.7 billion to £14.2 billion quarter-on-quarter. Nevertheless the headline figure seemed to satisfy investors, the FTSE down a mere 10 points as it continued to contend with its migraine-inducing oil and mining stocks.
Outdoing the FTSE, if only just, the Eurozone indices managed to edge into the green as Friday continued, the DAX leading the charge with a 15 point jump. Not that there was much reason for the change in sentiment bar, perhaps, increased hopes of some more ECB QE given the dismal nature of the morning’s data.
Groggily waking up from a turkey-stuffed day off the US markets aren’t looking too perky this Friday, with the Dow Jones currently looking at a 50 point fall at the open. There is little for the US to offer this afternoon, though if such a negative start to the trading session does materialise it may further take the edge off the already unsteady European indices.
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