Spreadex Market Update
FTSE continues its March-dance around 6200, Dow Jones eyes 17800 before month wraps up
With a middling, if a tad higher than expected (at 200k vs 195k forecast), ADP non-farm figure coming hot (well, warm) on the heels of yesterday’s dovish dispatch from head Fed honcho Janet Yellen the Dow Jones could continue to bask in its no-rate-hike glow, the index rising nearly 120 points after the bell. That leaves the Dow a smidge away from 17800, a level that, if all goes well with tomorrow’s jobless claims and Chicago PMI (though whether or not investors are in full ‘good is bad, bad is good’ mode is unclear, a state of play likely not fully revealed until after Friday’s non-farm figures), the index could well hit before March comes to a close.
The originator of the day’s muscular growth, the FTSE countered to dance around the 6200 mark this Wednesday afternoon, trapped by its now rote reticence to push beyond that level with any meaningful display of optimism. At least Thursday provides plenty for investors to grapple with, not that the current account (expected to widen to a £21.1 billion deficit) or final fourth quarter GDP reading (forecast to remain unchanged at 0.5%) look set to provide much cause for market jubilation.
Despite a solid showing from the euro-dollar the Eurozone indices remained in robust health this Wednesday, the DAX and CAC both rising just shy of 2%, the former benefitting from a 13 month high preliminary inflation figure. Thursday provides the region with a few odds and ends to sort out before the sustained manufacturing assault that kicks off April on Friday, the markets treated to a tour of the Eurozone through German retail sales and unemployment change figures, the latest French consumer spending and inflation data AND Spain’s own CPI reading. In other words, plenty to trip the likes of the DAX and CAC up before March comes to a close.
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