Spreadex Market Update
European stocks remain little changed
European stocks remain little changed after closing at their lowest level in more than three months. The Bank of England and the European Central Bank kept interest rates unchanged at 0.50% and 0.15%. Investors seemed reluctant to add to risk as the building conflict between Ukraine and Russia. Investors are concerned that the sanctions imposed on Russia could hurt the European recovery which has already been described by Mario Draghi as weak. The ECB Press Conference is scheduled for 13:30 today.
Adding to further concern, Moscow has introduced a total ban on imports of many Western foods on in retaliation against sanctions over Ukraine. This will isolate Russian consumers from world trade to a degree unseen since Soviet days.
Aviva led the FTSE gainers after they announced their 1H results which came in just ahead of expectations. Operating profits rose 4% and the interim dividend was up 4.5% to 5.85p. After the results, Panmure Gordon reiterated their Buy recommendation as they believe the outlook for the final dividend is particularly positive. Shares rallied 3% to 505p.
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