Spreadex Market Update
Miserable US data sees February end on a limp note despite; Brent Crude rises on co-operation-welcoming comments from Saudi Arabia
Avoiding the 100 point drop initially promised by its futures the Dow Jones flittered with mild losses and even milder gains as the American session got underway. Granted, given the fact that both the Chicago PMI (at 47.6 against 55.6 last month) and the pending home sales (dropping to a 13 month low of -2.5% against the forecast 0.6% rise) were far, far worse than expected the fact that the US index has managed to trickle into green territory at all this afternoon is impressive.
The FTSE halved its losses as the day went on, shrinking to a 20 point loss as the latest commodity movements took hold. The slight shift in the index’s sentiment is arguably due to Brent Crude’s 2% surge, the commodity lifting above $36 per barrel thanks to comments from Saudi Arabia stating that it ‘seeks to achieve stability in the oil markets’ and ‘welcomes any co-operative action’, an incredibly inconsistent claim that nevertheless has been taken, naively or otherwise, on good faith by investors.
Things were far more mixed over in the Eurozone; whilst the CAC is trading fairly flat at 4300 the DAX remains the day’s worst performer, maintaining a 100 point drop despite the improvements seen elsewhere. It seems that the index was severely impacted by Germany’s 5 month low import prices figure this morning, meaning that, whilst its Eurozone peers have seen something of a recovery since the region’s dire inflation data, the DAX has remained firmly in the red.
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