Spreadex Market Update

Oil and mining stocks lift FTSE back above 7700, Dow Jones eyeing 25600



The European markets continued to rebound on Tuesday, aided by Brent Crude’s Iran sanctions-led growth.

Rising nearly 60 points the FTSE managed to clamber back above 7700 for the first time since the start of the month. The UK index’s fuel-injection came from its sizeable commodity sector; a decent chunk of its miners were up nearly 3% as copper climbed 1%, while Shell and BP rose 0.8% and 1.5% respectively as Brent Crude itself jumped 1.3%.

Sterling, meanwhile, had a more mixed morning. Against the dollar it managed to add 0.2%, a pitiful increase that nevertheless just about lifted cable from Monday’s fresh 11 month nadir. Against the euro, however, it actually slipped 0.1%, enough to send the pound to a sub-€1.12, 2 and a half week low – surprising given the disappointing German industrial production and trade balance readings that followed Monday’s troublesome factory orders figure.

Looking to the afternoon and having bounced back by yesterday’s close the Dow Jones is in a decent position heading into the US session. The futures have the Dow rising 70 points when the bell rings on Wall Street, a move that will take it above 25550, and leave it on track to potentially surpass the 25600-teasing intraday highs struck at the end of July.

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