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Spreadex Market Update

Friday, February 20, 2015 - Afternoon Market Update
Connor Campbell - Market Analyst at Spreadex

Quiet morning as markets await Eurogroup news

After the Eurozone endured a mixed morning of figures, with services PMI beating expectations across the region whilst manufacturing data consistently failed to impress, the markets remained flat as they waited to hear from their finance ministers later this afternoon. An un-named Greek official claimed that an agreement is nearly in place, with Greece doing most of the leg work in regards of the concessions required to get the deal approved.

However, as has been the trend with this issue, there were plenty of contradictory comments to suggest otherwise, with multiple sources from Germany reporting that more meetings may be necessary. This perpetual cycle of rumour-meeting-failure-and-repeat is the worst thing for the markets due to its lack of stability, yet looks set to continue at least until the start of next week.

Whilst Eurozone remains in turmoil, the FTSE managed to eke out some gains as the day went on, despite a drop in retail sales and stagnation in public sector net borrowing. This (mild) positivity around the UK index is largely due to Brent Crude reaching $60 per barrel once more, allowing Premier Oil and Tullow Oil to regain the losses they suffered yesterday. Combine this with a surge from Vedanta Resources and KAZ Minerals, alongside a strong performance from plastics company Essentra after it saw a big rise in profits, and the FTSE was allowed to see beyond the clouds over Europe.

Over in the ol’ US of A, futures are pointing to a flat open, in-keeping with the quiet morning seen elsewhere. This shortened week of trading, combined with a string of bad data, has meant the Dow Jones has fallen away from the record highs it was circling on Tuesday. However, ahead of flash manufacturing PMI this afternoon, the NASDAQ is nearing the 5000 level after reaching a 15-year high at close on Thursday.

Recent Posts:
Weekly Trading Update 20/02/2015
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Afternoon Market Comment 19/02/2015
Stock of the day 19/02/2015 - Essentra PLC

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.

For a look at the trading week ahead our Financial Diary also lists all the companies due to submit trading updates this week. Each Friday, our diary will preview the forthcoming week's economic indicators and company reports schedule.

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