Spreadex Market Update

FTSE dragged lower by red-tinged oil and mining stocks



The FTSE’s initially meagre losses gathered pace as Monday went on, the index dragged lower by its commodity stocks.

With Brent Crude slipping 1.1%, and copper down 0.7%, both suffering in light of China’s Q2 slowdown, the FTSE’s hefty oil and mining ended up in the red, dragging the UK index 50 points lower in the process. That takes the FTSE back to 7620, around 100 points off of last Friday’s one month high, and leaves it on the back foot heading into a seriously busy week for UK data.

After an unsteady start the pound managed to move higher on Monday, climbing 0.3% against the dollar to tease $1.327, its best price in around a week. This despite another resignation related to Theresa May’s Brexit plans and the impending vote on the customs bill this evening.

Over in the Eurozone the region’s early gains dissipated as lunchtime approached. The DAX, which had risen 0.4% after the bell, managed to cling onto a 0.1% increase, but with the CAC slipping by a handful of points.

As for the US open, the Dow Jones is set to nudge 25 points higher after the bell, a meagre increase that nevertheless would keep the index above 25000 and near a one month peak. In terms of data, the US retail sales are set to fall from 0.8% to 0.4% month-on-month, while the Empire State manufacturing index is forecast to slip from 25.0 to 20.3.

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