Spreadex Market Update
Lowest Eurozone unemployment rate since January 2012 can’t lift moody markets
There was an air of the bah-humbugs about the Eurozone this Friday morning; despite the region creeping out of deflation territory (even if it was only to a stagnant 0.0%) and seeing lowest unemployment rate (at 10.8%) since January 2012, the DAX and the CAC both slipped into the red in the aftermath. Arguably the reason behind such a slip is that, whilst both figures are an improvement on last month, they aren’t good enough to justify their potentially ECB QE-injection delaying capacity.
The FTSE, meanwhile, struggled to shrink its near 20 point loss, even with a generally solid morning from the normally dead weight that is its mining sector. In terms of UK earnings it was a frustrating morning for IAG; the owner of British Airways and Aer Lingus not only posted a better than expected €1.21 billion in third quarter operating profit, but increased its forward guidance AND announced its first ever dividend to the tune of €0.10 per share. Yet instead of getting ready for take-off a wave of (cynical) profit-taking saw IAG fall by over 4% and land a prime place on the day’s loser’s pile.
Looking to the US open and currently the Dow is set to continue the morning’s meagre trading, with the index expected to start the American session unchanged. At least there is a flurry of US data to take investors through to home-time; the employment cost index is expected to see a healthy jump to 0.6% from 0.2% quarter-to-quarter, with similar improvements forecast for the core PCE price index and the latest Chicago PMI.
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