Spreadex Market Update

FTSE and DAX ignore European manufacturing woes in favour of an early March march



Despite bad data clogging up the news feed, the European markets were all in varying shades of green as March got underway.

With plenty working in its favour – rebounding miners, a surprising 7.5% increase for a troubled WPP, and a general upswing in market sentiment – the FTSE eventually started to chase its Eurozone peers, rising half a percent to hit 7120. This as sterling shed 0.3% against both the euro and the dollar, hurt by another manufacturing PMI slump and news of widespread Brexit stockpiling throughout the sector.

The DAX stormed ahead as lunchtime approached, rocketing 1.1% higher as investors chose to focus on a very strong German retail sales figure over the Eurozone manufacturing sector sliding into contraction territory for the first time in 5 years.

Turning to the afternoon and the Dow Jones is all set to joint in with the March march, the futures suggesting a 26100-teasing, 170 point increase. The last few US manufacturing PMIs have been far better than their European counterparts, though the ISM reading is forecast to fall from 56.6 to 55.6 month-on-month.

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