Spreadex Market Update
Commodity slump continues on quiet Monday morning
With net lending to individuals the only thing on the cards, the FTSE fell afoul of its usual bugbear this morning, its calamitous commodity sector. Not that the oil and mining stocks are as bad as normal, but rather that with little else on offer, and iron ore falling to a 5 month low, the UK index couldn’t manage to mitigate its 45 point drop as the day got underway.
Stock-wise Cranswick was one of the biggest winners, the food producer and supplier jumping nearly 3% to a fresh all-time high after announcing a 9.9% rise in half year revenue to £529.1 million alongside a 22% increase in adjusted pre-tax profit to £31.5 million. On the other side of the green/red divide was Aberdeen Asset Management; falling nearly 2% after the bell, the investment management group announced its 10% consecutive quarter of net fund outflows this morning, something that overshadowed a rise in net profit and revenue.
The Eurozone couldn’t manage much more this morning, the DAX (hurt by an unexpected drop in German retail sales, falling to -0.4% from 0.0% month-on-month) and CAC down by 35 and 25 points respectively. In a week that is likely to be dominated by the build-up to Friday’s US non-farm jobs report, including a couple of appearances from Janet Yellen, the Eurozone still has a lot to offer. The usual deluge of manufacturing and services PMIs is joined by the latest ECB meeting on Thursday, one that could, if the increasing buzz is to be believed, bring with it some kind of decisive comments in regards to extending the central bank’s quantitative easing scheme.
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