Spreadex Market Update
Floods and commodities dominate start to (very) abbreviated week of trading
With estimates suggesting a cost of £5 billion-plus, the tragic flooding of the past few weeks could have a destabilising effect on the FTSE this Tuesday, especially with thin trading volumes and little economic data to distract investors. More pressing will be the strength of the oil price; Brent Crude has opened slightly higher, and if it can drag itself across the $37 per barrel mark it is struggling with then the FTSE’s currently falling commodity stocks, led by a particularly grumpy mining sector, may be able to edge into the green. For the moment, however, things remain rather glum, leaving the UK index with a barely perceptibly 10 point jump at the open.
The Eurozone indices appear to have had a better Christmas than their UK peer, the DAX and CAC rising by 110 and 50 points respectively. That leaves both near(ish) 20 day highs, but with only a very small window this week to seriously add to their year-long growth tally.
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