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Spreadex Market Update

Thursday, February 11, 2016 - Afternoon Market Update
Connor Campbell - Market Analyst at Spreadex

Blood of European banks drowns markets this Thursday morning

The main pain is being felt on the continent, with Credit Suisse hitting a 25 year low and Societe Generale (which warned it may miss its profit targets for 2016 due to the dual pressures of tighter regulation and the current market conditions) dropping a whopping 12%. They weren’t alone; arguably the stock that kicked off the week’s woeful trading, Deutsche Bank has lost a huge chunk of yesterday’s market-lifting rebound with a 6% plunge this morning. This left the DAX down by around 2.4% (with the German index recovering slightly from its 3% fall earlier in the day), whilst the CAC (dropping over 3%) is battling it out with the Spanish Ibex and Italian FTSE MIB for the title of Worst Performing Index this Thursday.

Not that things were any better at home; though the FTSE has just about risen from its earlier 3 and a half year lows, Brent Crude is still worryingly teetering on the edge of renewing its recent 12 year nadir. And whilst the miners may have calmed somewhat, Rio Tinto shrinking its losses from 8% to around 4%, the worsening situation in the UK banking sector, led by a 6.5% fall from Barclays, has used up any slack the FTSE may have been able to find from a slighter less dramatic set of commodity stocks.

Can the US indices ride in to save the day this afternoon? It looks like they can’t, with the Dow Jones facing its own 300 point fall (continuing on from last night’s late lunge into the red) when the bell rings on Wall Street. It looks like the day’s jobless claims (for what it’s worth expected 2k higher at 287k) will pass by without much fanfare, whilst Janet Yellen is unlikely to provide anything fresh for the markets to chew on when she appears in front of Congress later this afternoon.

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The Trading Day and Week Ahead

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