Spreadex Market Update
Mixed afternoon for US data brings July to a close
After the oddly market moving (or at least dollar hurting) miss in the US employment cost index, the latest Chicago PMI smashed expectations only for any nascent good will to be lost through a slip in the revised consumer sentiment figure.
The lack of clarity following these figures, that provide more colour to the rate-hike debate rather than any genuine Fed swaying ability, comes at the end of a week where things continue to point to a September (or at the very least December) lift-off following strong GDP data, but also a week where the Fed once again failed to provide robust guidance on the issue. Things should, in theory, become slightly clearer following next week’s non-farm figures; however, as has been seen in the past, the headline jobs data sometimes ends up complicating matters further.
With the DAX and CAC looking limper as the day continued, investors finally got some kind of response to the IMF’s latest debt relief stance this afternoon. A spokesperson for the European Commission claimed that the IMF’s comments are ‘in line with what was discussed’ at the arduous mid-July summit, stating further that the calls are ‘fully compatible with the EU agenda’. All very jargonistic, and likely an attempt to calm claims that a larger IMF/European schism is brewing, but a comment nonetheless.
A slightly calmer, if still shaky, commodity sector allowed the FTSE to wearily climb into the green this afternoon. A rough month for the UK index looks like it is going to end up, rather against the odds, positively after the mid-week earnings boost lifted the FTSE away from its Monday commodities nightmare.
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