Spreadex Market Update
Midday indices excitement calms down, whilst US consumer confidence disappoints
A big miss in consumer confidence, at 90.9 when analysts had been looking at 100, ended up not having too much effect on the markets, with the Dow flat and the dollar mixed. And whilst a post-90 number is still good, it adds yet another kink to the long and winding road the Federal Reserve has been on, as the central bank seemingly saunters towards a rate-hike. How long that road is should become a bit clearer tomorrow, with many hoping that the latest FOMC statement will shed some more light on the likelihood of a September lift-off.
A healthy set of gains for copper was countered by resilience from Brent Crude in regards to shifting above $53 per barrel. This meant that the FTSE could continue to trade in the green, but with the post-GDP hubbub dying down, in a much less vibrant shade of green than was seen earlier in the day. That GDP figure was the FTSE’s only real number of note this week; Wednesday, however, brings with it a bumper day for the UK earnings season. Barclays GlaxoSmithKline, Sky, Foxtons and Greggs are all among the big-hitters announcing results tomorrow, and will likely dictate how the FTSE spends the middle of the week.
Like the rest of the global indices, the DAX and CAC saw a sharp drop off from their daily peak, with the former roughly 100 points lower than its lunchtime highs. It was another quiet day in terms of Eurozone news, with ‘technical talks’ in regards to the third bailout negotiations meaning there continued to be a dearth of juicy soundbites, the region’s choice meal across the last few months. However, these talks are likely to be wrapped up by the end of Friday, leaving the chance for some proper Eurozone fireworks if actual negotiations get under way next week.
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