Spreadex Market Update
FTSE recovers from early morning losses
The FTSE has recovered from early morning losses, fears of the FTSE reaching the lowest level this year was mentioned by investors, down at 6416.72 in February. However as this afternoon trading commences the FTSE seems to have regained and stabilised this morning’s slide as house price index data is 0.4% higher than expected, spurring industry activity.
European equity markets continue to deteriorate as Ebola scares enter the EU, IS moving in towards Turkey and investors anticipating a stimulus rethink by the ECB as German growth falters. Once the again the DAX has struggled to steady its sell off, moving below 9000 briefly. As the Afternoon session begins with the DAX down 0.7% at 9021, a slight improvement on this morning’s losses as the Euro continued to appreciate against the dollar up 40 points to 1.2672.
All major indices have seen falls and now the Dow begins down as well whilst trying to stay above the 16700 mark; however movements of the Dow will be dictated by the FOMC meeting minutes announced this evening. Furthermore the relief of the depreciating dollar against the pound was short lived as cable declines 14 points to 1.6082 this afternoon.
Finally Brent Crude Oil has continued its steady downward trend falling 79 points to $91.2, closing in on its 2012 low at around $88.4. This is obviously a bit of the way off, although the appreciating dollar and oil production rose despite the seizure of Iraqi and Syrian oil field by ISIS could further add to this trend.
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