Spreadex Market Update
Unexpected (well, fairly expected) drop in UK Q3 GDP
Coming in at 0.5% against the 0.6% consensus (and, more importantly, the 0.7% readings for the first and second quarters) the UK’s Q3 GDP was a disappointing, if slightly expected, present for the markets this morning. Its effect on the FSTE was minimal, with the UK index maintaining its 20 point loss despite widening declines for the commodity sector after another hit to George Osborne’s (death) ‘march of the makers’. The pound, on the other hand, took a tumble against the dollar and the euro as the chances of a Bank of England rate rise recede even further into the distance.
It was much of the same for the Eurozone, with the DAX unchanged at a 50 to 60 point loss whilst the CAC continued to fall by just over half a percent. It’s a far cry from the jubilant, post-Draghi trading of last week, though to be fair to the region’s investors there has been little to be cheerful (or even interested in) so far this week.
The US open should bring a bit more excitement, with expected improvements in the core durable goods orders and flash services PMI figures; the CB consumer confidence, meanwhile, is forecast to see a slight fall. Earnings wise Pfizer has already announced its third quarter results, and on the surface they looked like somewhat of a bitter pill to swallow; a stronger dollar caused the pharma-giant to see a 2.2% drop in revenue from $12.36 billion to $12.09 billion, alongside a 8 cent fall in earnings per share year on year to $0.34. Yet all of that was above what must have been some pretty low expectations, causing Pfizer to jump nearly 2% in the pre-market.
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