Spreadex Market Update
GDP back in focus, with French and Spanish figures underperforming ahead of Eurozone-wide reading
Currently the DAX and CAC seem rather reticent to do anything this Friday, investors waiting to see the state of the Eurozone’s second quarter growth. If analysts’ estimates are anything to go by the region’s indices are right to be jittery; the Eurozone is expected to have only grown by 0.3% in Q2, half of what it managed in Q1.
Already the Eurozone’s individual components have disappointed – Spain saw its growth drop by 0.1% quarter-on-quarter to come in at 0.7%, while France managed a disastrous 0.0% against the (upwards revised) 0.6% in Q1. The Eurozone-awfulness didn’t end there; France saw its consumer spending remain at -0.8%, with inflation equally terrible at -0.4%, while the Spanish CPI also arrived worse than expected at -0.6%. That is going to put real pressure on the region-wide inflation figure, which may well fail to match the forecast 0.1%.
As the Eurozone waits on its growth and inflation data the FTSE has spent the morning falling, the UK index dropping by just shy of half a percent thanks to sharp losses in its oil and mining sectors. The FTSE will also not have been helped by the pound’s (very minor) rebound, sterling climbing 0.3% against the dollar and 0.2% against the euro.
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