Spreadex Market Update
Tuesday, June 21, 2016 - Afternoon Market Update
FTSE deals with post-surge hangover as Brexit referendum dominates market
The FTSE was understandably the biggest mover of the morning, falling just shy of half a percent as it dealt with its post-Monday hangover. The index likely wasn’t helped by another weak public sector net borrowing figure, which has seen George Osborne draw criticism for being too preoccupied with the referendum to do his job properly. Interestingly while the FTSE faltered the pound has continued to rise, with cable hitting levels not seen since the start of the year.
With most of the action centred around the UK the Eurozone indices took a breather on the side-lines this Tuesday, despite a dose of stellar ZEW economic sentiment data. The German figure soared to 19.2, the highest level since before last year’s Volkswagen scandal and far, far better than the 5.1 forecast. The region-wide number saw a similarly surprising jump, hitting 20.2 against the 15.3 forecast. Yet this swelling sentiment couldn’t inspire much in the DAX, the German index spending most of the morning flat.
Looking ahead to the US and the Dow Jones is a bit more enthusiastic than its European peers, something that could bode well for the afternoon session. The futures are pointing to a 50 point jump after the bell, with the main event Janet Yellen’s testimony in front of the Senate Banking Committee in Washington DC.Recent Posts:
Stock of the day 21/06/2016 - DS Smith PLC
Morning Market Comment 21/06/2016
Evening Market Comment 20/06/2016
Afternoon Market Comment 20/06/2016
Stock of the day 20/06/2016 - Tesco PLC
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