Spreadex Market Update
Continuing their post-Easter decline, the European markets slipped at the open, unaided by oil’s own losses. Given that Brent Crude dropped 3.8% after the bell – taking it back under $29 per barrel and sending BP and Shell 3% and 3.8% lower respectively – the FTSE’s 40 point fall was better than it could have been. That decline returned the UK index to 5750, keeping it within the broad trading band it has moved about since April began. Over in the Eurozone the losses were a tad more pronounced. The DAX was down 150 points to 10560, while the CAC shed 1.3% to hit 4470. As for the Dow Jones, having come within 50 points of closing at 24000 last night, keeping it near its best price for over a month, the US index is currently set to slide 200 points when the bell rings on Wall Street. These losses are related to the ongoing fears over the depth and length of the recession the world is facing, including what is going to be a hell of a contraction in Q2 (a taste of which will be provided by China on Friday). This perhaps combined with a report on Tuesday that suggested social distancing measures may have to be intermittently in place until 2022. That Trump – who seems to be having a meltdown – has also halted US funding to the World Health Organisation was just another reason for a sour start to Wednesday. As for the day’s data, the biggies arrive this afternoon in the form of America’s retail sales and Empire State manufacturing index.
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