Spreadex Market Update
Lagarde growth warning sets glum tone this Wednesday morning
Kicking off the day with a warning from Christine Lagarde that global growth in 2016 would be disappointing of course didn’t help matters. The IMF chief pointed to the US rate hike decision and the continued slowdown in China as potential destabilisers in the New Year, helping dismiss yesterday’s cheerful trading to set a rather glum tone for the markets this Wednesday.
The FTSE, which already spent Tuesday lagging behind its peers, was the worst performer after the bell, falling by around 0.4% after being hampered by a commodity sector that, as always, is the wrong side of the red/green divide. A reversal of Brent Crude’s Tuesday gains has left the oil and mining stocks in a typically bad mood, the commodity still above the $37 per barrel mark but with a glint in its eye that suggests it could fall further as the day goes on.
Even the Eurozone wasn’t in a great mood; after hitting 3 week highs yesterday the DAX and CAC have had a much cooler start to the morning, falling 30 and 10 points respectively. A weaker than expected Spanish inflation figure added to the sour trading this Wednesday, with the region-wide M3 money supply figure (forecast at 5.2% against 5.3% last month) still to come.
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