Spreadex Market Update
FTSE and DAX stumble ahead of Eurozone-wide inflation data
Dropping by around 20 points the FTSE is now loitering just above the 6800 mark, the index dragged lower by a second consecutive day of sharp losses for its mining sector. News that the Gfk consumer confidence index reading was higher than expected in August (to -7 from -12 in July) failed to provide much comfort for the FTSE, though it arguably did help the pound to a 0.1% and 0.2% increase against the dollar and pound respectively.
That morning’s focus is not on the UK, however, but the Eurozone. Despite a vastly better than forecast German retail sales figure (which rose to 1.7% from a downward revised -0.6% the month before) the DAX slipped by nearly half a percent as the day got on the way, followed closely by the CAC’s own 0.2% drop.
Still to come is the latest Eurozone-wide inflation reading, a figure that has gained in stature this week thanks to the relative proximity of September’s ECB meeting next Thursday. There are reports that Draghi and co. may be prepared to dump another batch of stimulus into the Eurozone’s faltering economy, so the state of the inflation data (forecast to creep up to 0.3% from 0.2% last month) is likely of great interest to investors.
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