Spreadex Market Update
Markets try and put last week behind them
Whilst the FTSE tried to reverse its fortunes, Quindell soared by nearly 25% after the bell as it announced it was selling its professional services arm Slater & Gordon for £700 million, with a boardroom shake-up to follow. This news appears to have temporarily reinvigorated investors’ confidence in Quindell after months of turmoil had carved up the company’s market value; yet already the stock has begun to fall off, leaving it unclear how long this news will sustain investors’ bullish push.
With the UK election season beginning in earnest with David Cameron dissolving parliament, the pound wasted no time in posting losses as sterling’s jitters continued to become more pronounced. The pound spent much of last week trading blows with the dollar, and this looks set to continue; however, as the election approaches sterling looks less likely to see the kind of rebounds it underwent last week.
Brent Crude, after reaching the dizzy heights of $59 per barrel last week, is back to the mid-$50s as the potential of an Iran nuclear deal prompted fears that the crude market glut could become a lot worse with an influx of Iranian oil. Elsewhere, copper saw slight growth this morning after the Chinese stock markets rose to near 7 year highs on the back of stimulus hopes, whilst gold resumed its declines as the dollar had an invigorated start to Monday.
Over in the Eurozone, the DAX seemed keen to re-establish its 3 digit rally as it hurtled towards 12000 once more. The rest of the region also saw big gains, with investors apparently hopeful of some positive movement in regards to the Greek debt issue this week. With Athens providing a reforms list last Friday, its Eurozone creditors continue to look over the proposals whilst Tsipras and co eye their dwindling funds, which are set to run out in mid-April.
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