Spreadex Market Update

UK retail sales and Eurozone inflation in focus this Thursday morning



It was a pretty timid start to the European session this Thursday, investors seemingly waiting for the morning’s data before doing anything rash.

For the FTSE and pound the main focus is on the UK’s latest retail sales reading. September’s figures failed to see the expected back-to-school bounce into positive territory, instead arriving at a stagnant 0.0%; analysts are still holding out hope, however, for a healthy jump in October, with forecasts suggesting a 0.5% rise.

If accurate the figure will likely be more beneficial to the pound than the FTSE, though, dependant on the retail sales break-down, any good news could filter through to the index’s beleaguered high street favourites. Currently sterling has the edge on its index peer – while the FTSE has slipped by around 6 points the pound has risen by 0.1% against the dollar, though admittedly it did fall 0.3% against the euro.

That may be because the Eurozone inflation data, expected later in the morning, is set to remain steady at 0.4%, something that may dissuade Draghi and co. from cutting rates any time soon. Interestingly, later today brings with it the latest meeting minutes from the central bank, allowing investors a glimpse at what the current lay of the land is within the ECB. The region’s indices weren’t too happy with the euro taking back ground against both the pound and the dollar (against the latter it is up nearly half a percent), with the DAX and CAC both sliding 0.4% after the bell.

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