Spreadex Market Update
Double dose of negative data leads Dow lower, stimulus hopes lift Eurozone
A double dose of negative data, with both the Chicago PMI and the pending home sales vastly underperforming analysts’ expectations, interestingly led the Dow Jones lower this afternoon, the index bucking the general trend of European gains to fall around 50 points. It perhaps suggests that investors might be (however begrudgingly) ready for a rate-hike and that anything that introduces any more unneeded uncertainty is unwelcome.
Despite the impact of copper’s mild rebound extending to the majority of its mining sector this Monday afternoon, the FTSE could only flirt with flatness as the day went on, its oil and banking stocks dragging it back to a 10 point loss. The Eurozone, on the other hand, held on to a decent chunk of the explosive growth it saw this morning, with investors imaginations aroused by the hopeful whisperings of another ECB QE injection.
Whilst today has been the relative, speculative calm tomorrow sees the beginning of December’s data storm, with early morning Chinese manufacturing and services figures (potentially dangerous for the already precarious commodity sector) followed by manufacturing numbers for Europe and the US, alongside the Eurozone unemployment rate and the UK bank stress test results.
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