Spreadex Market Update
Mixed data fails to help Eurozone, US futures limp ahead of unemployment claims
This flurry of data effectively cancelled each other out and left the Eurozone flat-to-negative as Thursday continued. The lack of cohesion from investors hurt the Eurozone today, with the mixed picture painted by the inflation and jobs data preventing the region from recovering from the severe losses felt on Tuesday and Wednesday. At the moment the consistently high region-wide unemployment rate, the beyond glacial progress of the Greek debt saga and the latest push from the euro against the dollar are all conspiring to keep the Eurozone indices marginally in the red.
The FTSE slowly began to climb back towards its meek opening price as Thursday continued, with robust gains for Zoopla, Royal Mail and TalkTalk combatting the losses felt by Ophir Energy, ITV and Royal Bank of Scotland. However, the UK index will need a strong US open to inspire some kind of rebound as the UK economic calendar looks sparse this afternoon.
The prospect of unemployment claims and the latest Chicago PMI data this afternoon isn’t helping the US futures stall their losses this Thursday morning. Normally of late the idea of a delayed interest rate hike, the general sentiment expressed by the Fed last night, would have been somewhat of a boost for the Dow Jones. However the fact said dovish sentiment arose from that worryingly weak GDP figure rather took the shine off of the deferred hike, and caused significant losses for the Dow Jones last night, losses that have carried onto the US futures this morning.
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