Spreadex Market Update
Minor morning rebound as 2014 comes to a close
After a bleak day yesterday, the FTSE managed to creep up a few points this morning as closure of many of the European markets meant that the spectre of Greek-election did not loom as large on the UK index. However, it does appear that the FTSE will end the year lower than it started, as it was hampered by the oil crash in the past few months.
The DAX, on the other hand, despite a poor weak following the Greek-election-debacle, closed out its 2014 170 points higher than it began. Yet this may be more a reflection of the precarious state of the Eurozone at the start of the year than any great recovery as 2014 went on. Regardless, the German index, and the rest of the Eurozone, can be cautiously optimistic for 2015, a year that should finally see Draghi’s proposed quantitative easing scheme go ahead.
Unlike its European brethren, bar a few wobbles, the US markets had a spectacular 2014, as they consistently hit new record highs in the second half of the year. This especially was true of the Dow Jones, which went on an unprecedented run of gains that culminated in the 18000 mark achievement it looks set to close the year on. Despite minor losses yesterday, the index looks certain to close at this level, barring a disastrous set of figures this afternoon, as the US announces its unemployment claims, Chicago PMI and pending home sales. If the Dow can weather these numbers it will enter 2015 in a very strong position indeed.
Finally, Brent Crude oil had no chance of ending 2014 on a high, as poor Chinese manufacturing figures adding to the ever growing pile of the commodity’s woes, woes that could increase further with the volatility-inducing US crude oil inventory figures this afternoon. As Brent Crude remains at its $57.5 per barrel level, 2015 is currently providing no rosy future for the commodity, as its ‘allies’ refuse to help its prices rise.
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