Spreadex Market Update
Investors lose confidence on global worries, with Iran and Greece in focus
Even a better-than-expected consumer confidence figure couldn’t change the bearish tides, with the Dow Jones following the lead of the DAX and the FTSE by posting significant losses after the bell.
The FTSE couldn’t catch a break as the day went on, with the upward revision in GDP being thoroughly forgotten as it was suffocated by its banking and commodity stocks. The Bank of England’s announcement yesterday that banks will have to undergo a fresh set of stress tests to gauge their abilities to withstand China-inspired global turndown has weighed on the markets this Tuesday, dragging Barclays, RBS and Lloyds into the red. Notable losses for industry leaders BP and Rio Tinto signified the situation in their respective sectors, as oil and copper continued to fall whilst adding to the bearish trading surrounding the FTSE.
Investors continued to focus on the failings of region-wide core inflation and unemployment alongside the Greek stalemate that is acting as a perpetual backdrop to the trading situation in the Eurozone. With today’s figures giving more ammo for the market bears, the Eurozone will be hoping for a strong round of manufacturing data on Wednesday to try and reverse Tuesday’s slump. The pound continued to bleed the euro whilst valiantly attempting to hold the rampant dollar at bay, with the Eurozone currency struggling to come up for air after the latest setbacks in the Greek-debt issue.
Today looks like it is set to be a dour end to what has been an otherwise blockbuster first quarter for the major indices; March saw the DAX reach 12000 for the first time in its history, prompted by the implementation of ECB QE, whilst the FTSE similarly reached its own landmark 7000 and the NASDAQ broke 5000. Even the Dow Jones hit fresh highs in the middle of the month, with March 2015 likely to live in investors’ memories largely for the right reasons.
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