Spreadex Market Update

Chinese GDP woes mask decent undercard as Europe starts higher



Last Friday’s big finish from the Dow Jones appears to have allowed the European indices to ignore a 27-year low GDP reading out of China – though the superpower’s data wasn’t all bad.

While the headline growth figure did slip to 6.2% as expected, the fixed asset investment reading narrowly bested estimates, at 5.8% against the 5.6% forecast. Retails sales popped from 8.6% back up to 9.8%; best of all, industrial production rebounded to 6.3% from last month’s alarming 5.0%.

The combination of better than expected data on the undercard, and the idea that the Chinese government could escalate their stimulus plans in order to keep growth the right side of 6%, meant the European indices opened in the green.

The DAX jumped 100 points, crossing 12400 once again, with the CAC nearing 5600 following a 0.5% increase. The FTSE lagged behind, however, only managing to add 0.2%, in part because BP and Shell were down 0.5% and 0.4% respectively.

As for the Dow Jones, currently the futures have the US index opening at a fresh all-time high of 27400, with only the Empire State manufacturing index coming before the open.

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