Spreadex Market Update

Markets tentatively get back on the horse following Tuesday’s major wobble



After Tuesday’s crisis of confidence, it looked like the European markets were tentatively ready to get back on the horse at Wednesday’s open.

Ahead of this evening’s Fed meeting – which is seen as unlikely to bring about any new measures, but will have the central bank’s first economic projections since December of last year – Europe was uniformly in the green.

This despite worse than forecast inflation and PPI readings out of China; the former slipped from 3.3% to 2.4% month-on-month, with the latter dropping from -3.1% to -3.7%. French industrial production was also marginally lower than estimated, the sector’s collapse accelerating from -16.1% to -20.1%.

Yet a certain amount of optimism returned to trading on Wednesday – or, if not optimism, than at least chance to buy following the rather hefty losses incurred during yesterday’s trading.

With its banking stocks largely rebounding – HSBC was the sole holdout – the FTSE added half a percent, pushing it back above 6370.

The DAX matched that growth, allowing the German bourse to return to 12700, while the CAC nudged ahead with a 0.7% rise, leaving it above 5130.

The Dow Jones, which was infected by Europe’s negativity on Tuesday, is set to echo the region’s rebound, with the futures currently pointing to a 125 points increase.

It is worth noting, however, that the morning’s gains already seem very uncertain – as tends to be the case on Fed Wednesday – and may well be rendered moot by whatever the central bank reveals this evening.

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