Spreadex Market Update

Markets stale following OECD growth guidance downgrades



Another stale session left the markets largely treading (red) water on Wednesday, with the Dow Jones doing nothing to change things up after the bell rang on Wall Street.

Falling around 90 points, the Dow once again found itself the wrong side of 25750, a level it last spent any real time at 2 and a half weeks ago. A growth forecast cut from the OECD, and a weaker than expected ADP non-farm reading, did little to engender investors to the index’s cause on Wednesday, the markets still pining for proper progress regarding the US-China trade war (something that seems to be seriously backfiring for Trump if 2018’s decade high trade deficit is anything to go by).

Dealt any even steeper cut to its growth forecasts than the US, the Eurozone was similarly spent. The DAX was down 0.4%, keeping it under 11600, with the CAC below 5290 following a 0.2% fall.

Like yesterday, the FTSE managed to outperform its peers, even if that meant the UK index only dropped 0.1% compared to the slightly steeper declines seen elsewhere. It benefited from another decent showing from its miners, and the losses incurred by the pound throughout the day.

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