Spreadex Market Update
Euro stocks start to recover from heavy losses caused by Banco Espirito last week
European stocks have finally started to regain some of the heavy losses that were seen last week as a last minute rescue for one of Portugal’s biggest banks injected some life back into the markets. Almost €5bn has been pumped into Banco Espirito last night in order to prevent the collapse of the bank. Heading into Monday afternoon, the FTSE 100 is up 30 and the German Dax is flat from its opening level this morning. Ahead of the US open, the futures are indicating a slightly firmer open for the Dow Jones Industrial Average.
UK Construction PMI fell to 62.4 from 62.6 in July as the housing sector continued to outperform. The data released on Monday morning shows UK construction expanded at a quicker than expected rate.
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