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Spreadex Market Update

Thursday, December 03, 2015 - Morning Market Update
Connor Campbell - Market Analyst at Spreadex

Markets await Mario Draghi on potentially QE-filled ECB Thursday

It’s a potentially huge day for the Eurozone, with analysts expecting a stimulus-stuffed speech from Mario Draghi just after lunch. Not that the region’s indices are getting too far ahead of themselves, the DAX and CAC posting solid 25 and 15 point rises respectively, with investors seemingly trying to limit their sense of disappoint if Draghi ends up failing to pull the extra-QE trigger. The euro, meanwhile, has tentatively fallen against the dollar and the pound, with chances of a further decline (or indeed spike) dependant on what the ECB president actually reveals this afternoon.

Before the Italian (stimulus) stallion’s speech the Eurozone still has a wave of data to deal with, a string of services PMIs (broadly expected to be an improvement on last month’s figures) still to come. The region’s manufacturing figures were disappointingly strong on Tuesday, slightly tempering investors’ hopes of a sizable QE injection, so any unexpected improvements this morning might cause a similar (however brief) slump; then again, they might not, the DAX and CAC jumping after a better than forecast Spanish figure.

The FTSE was the worst performer this Thursday morning, opening effectively flat after a weak Chinese services PMI appeared to spook the commodity sector (not that it takes much these days). The UK serves up its own services data later this morning, with analysts expecting an improved 55.1 (against 54.9 last month), something the FTSE could do with following the underperforming manufacturing and construction PMIs from the previous two days.

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The Trading Day and Week Ahead

For further information on the trading day ahead, take a look at our Financial Diary, which previews all the Economic Data due out to today and projected or previous figures.

Our Financial Diary is updated in real time as the figures are released throughout the day.

If you are unsure what different Economic Figures mean take a look at our Economic Indicators Explained guide.

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