Spreadex Market Update
Collective yawn greets the end of an otherwise stellar October
Despite being on track to end the month around 1500 points higher than where it began, the Dow Jones started the American session with a yawn. A strong employment cost index and a much better than expected Chicago PMI were countered by misses in the core PCE price index and personal spending. Countered in what way, however, is up for debate; were investors disappointed by bad data, fearful of the rate-hike promising capacities of good data or, maybe, just reluctant to do much as the month comes to an end? Regardless the Dow slunk to a 40 point loss after the bell, a limp way to end an October that has seen it edge as close to the 18000 level it abandoned back in July as it has been for 2 months.
The Eurozone, shaking off its immediate negative reaction to this morning’s positive inflation and unemployment figures, was the best performing region of the day. Not that such a claim means much when ‘best performing’ translates to a 15 point increase for the DAX and a lack of any movement at all for the CAC. Yet, just like the Dow, it has been a strong month for the Eurozone indices; the DAX sits tantalisingly close to 11000, the first time that level has looked realistic since just before Black Monday, whilst the CAC is a stone’s throw away from 5000.
And what of the FTSE, the most harried and harassed of the Western indices? Well, it hasn’t been quite as good a month for the UK index as it has been for its US and Eurozone peers; after an initial surge at the start of October the FTSE has struggled to break beyond 6400 due to the weight of its commodity sector. Today was no different, the oil stocks (joined by a shoddy banking sector) for once providing a bigger drag that their mining roommates, leading the UK index 50 points lower in the process.
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