Spreadex Market Update
Tuesday, November 03, 2015 - Evening Market Update
Falling factory orders lifts negative-news seeking Dow
Worse than expected factory orders, at -1.0% against the -0.8% forecast, were still far better than the -1.7% plunge seen last month. Yet that did still mean things were bad enough for investors to lift the Dow by around 40 points following a fairly apathetic US open. Things should, in theory, be a bit livelier tomorrow; not only does the US see its services PMIs alongside the rest of the West, but it also reveals its ADP non-farm employment change figure AND sees a Janet Yellen testimony in front of the House Financial Services Committee. Given the renewed focus last week’s Fed statement gave the markets in terms of weighing each piece of US data in light of a potential December rate-hike tomorrow’s comments from Yellen are sure to be closely scrutinised.
Looking to Europe and there wasn’t much entertainment to be found. With Standard Chartered joined by shipping services provider Clarkson (after the latter warned that its second half profit would suffer in the face of issues in the dry bulk market) on the loser’s pile, the FTSE could only manage a 10 point gain despite a rare moment of good form from its mining sector.
The Eurozone was somewhat limper, largely due to the latest decline from Volkswagen pushing the DAX into negative territory. The region will be looking for an extra boost tomorrow morning as Draghi gives the opening remarks at the ECB Forum on Banking Supervision; whilst not guaranteed, the ECB president does have a knack for providing just enough enigmatic good will to see the markets bounce ager his comments.Recent Posts:
Stock of the day 03/11/2015 - WM Morrison Supermarkets PLC
Afternoon Market Comment 03/11/2015
Morning Market Comment 03/11/2015
Evening Market Comment 02/11/2015
Afternoon Market Comment 02/11/2015
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