Spreadex Market Update
FTSE lags Western indices, Dow Jones rebounds from Monday’s losses
The Dow Jones dealt with the far better than expected US consumer confidence with minimal fuss this afternoon, almost doubling the 50 point jump the futures had been suggesting come opening time. It hints at an index that isn’t as strong-data averse as it once was, one that is more accepting (begrudgingly or otherwise) that a US interest rate is likely to happen in 2015. Or, perhaps more accurately, the US markets are just rebounding for the harsh losses suffered on Monday.
Not that these US gains could provide much relief for the FTSE, which remained in the red as the day wore on. Continued losses for KAZ Minerals and Anglo American, a disappointing day for the UK pharmaceutical giants and a severe 18% drop for multinational building materials distributor Wolseley (which cut its revenue outlook for the coming year) all conspired to keep the FTSE at around a 50 loss on the day. The DAX and CAC, meanwhile, both spent Tuesday teetering on the edge of losses and gains, with a 4 year high in the Eurozone business confidence figure the catalyst for any nudge upwards.
And what of Glencore, Monday’s mining sector shaking victim? Well, the company claimed this afternoon that its business remains ‘operationally and financially robust’ with plans to reduce its debt to $10.2 billion. This statement seemed to have the intended soothing effect, helping the stock extend its rebound to around 17% and, in the process, allowing it to reach the 80p mark it plunged through yesterday. Now all Glencore has to do is put some reality-based weight behind its words…
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