Spreadex Market Update

Quiet start following events in Manchester, FTSE remains at 7500



It was a quiet start this Tuesday morning, as investors processed Monday’s horrendous scenes in Manchester.

The FTSE started the day effectively flat at 7500, with most of the early action centred on the pound. Sterling dropped 0.1% against the dollar, taking cable back below $1.30, and 0.2% against a euro, pushing the pound to its lowest price in nearly 8 weeks. Investors are assumedly shaken by the events in Manchester yesterday evening, combined with the continued effects of the Tories’ election wobble.

"he inflation report hearings are the main event, and with the latest CPI reading hitting 2.7%, Mark Carney and co. can expect a grilling about if, when and how they are coming to combat the country’s rapidly rising prices."

The precious few things on the UK’s economic calendar will likely keep sterling in focus. The inflation report hearings are the main event, and with the latest CPI reading hitting 2.7%, Mark Carney and co. can expect a grilling about if, when and how they are coming to combat the country’s rapidly rising prices.

After the Eurogroup failed to agree a Greek bailout deal on Monday, the Eurozone is having to make do with a steady stream of data this morning. Already the CAC has dealt with a week French manufacturing PMI, but a far better than forecast services reading, allowing the index to climb 0.4% higher. Germany, meanwhile, is facing a slight dip in manufacturing, but a minor improvement in its services PM. The prospect of this hasn’t done much for the DAX, which has nudged 0.1% higher, though the index might be more interested in the German Ifo business climate figure, set to hit 113.1 from 112.9 last month.

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