Spreadex Market Update
FTSE teases 6200 once again as Brent Crude recovers from early losses, pound relishes Yellen’s dovish comments
Rising around 90 points, now just shy of the 6200 mark that has proved to be a persistent pest throughout March, the FTSE was the best performing of the European indices, aided by Brent Crude turning its 4% fall into a 1.5%-pushing rebound as the morning got underway. This left the oil and mining stocks in good health, Premier Oil and Lonmin leading their sectors with 5.5% and 7.6% increases respectively. It is likely that the FTSE will be reliant on its commodity stocks as Wednesday continues, a light day of data leaving the UK index with little non-oil driven direction.
Whilst the FTSE resumed its month-long testing of 6200 waters the pound continued to climb back towards its recent post-Boris Brexit bomb highs this morning, the lingering effects of Yellen’s dovish comments allowing cable to creep towards $1.445 despite a string of increasingly tight EU referendum polls revealed yesterday. Of course, for all its early growth the pound remains reliant on dollar-weakness rather than its own strength, any Brexit-leaning news likely to knock it from its current precarious perch as the day continues.
It was a thoroughly mixed start to the day for the Eurozone this Wednesday; whilst the DAX jumped over 100 points, re-approaching the 10000 mark it abandoned before the Easter break, the CAC wasn’t so jubilant, the French index sliding by just shy of 1%.
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