Spreadex Market Update

Europe’s aggressive rebound continues following PMIs, cooling coronavirus fears



Europe’s major rebound continued unabated on Friday, even if the Dow Jones wasn’t anywhere near as enthusiastic.

With the World Health Organisation holding fire on declaring the coronavirus a global emergency, and China putting more cities on lockdown to try and stem the rising number of cases, the European indices seemed to shake off the concerns that had plagued them for much of the week.

Relatively uniform in their gains, the FTSE added just shy of 100 points as it recrossed 7600, with the CAC back above 6025 following a 1.1% increase. Best of all, the DAX grazed 13600 for the first time in its history thanks to an impressive 200 point climb.

It helped that, broadly, the day’s PMIs all came in above expectations, the outliers being the French and Eurozone-wide services readings.

Interestingly the pound didn’t get much of anything from the UK’s manufacturing and services beats, despite the numbers further reducing the chance of a rate cut during Mark Carney’s final Bank of England meeting next Thursday. Instead it dipped 0.2% against the dollar while nudging 0.1% higher against the euro.

As for the Dow Jones, though well off the gains seen in Europe, the index did still rise 70 or so points. It had added more, before bouncing its head off its recent 29300 ceiling to settle the wrong side of 29250.

Next week is a bit of a mad one for the markets. Not only does Mark Carney oversee his final BoE outing, there’s the ongoing coronavirus issues, a statement from the Fed, the first glimpse at Q4 US GDP and earnings from the likes of Apple, Amazon and Facebook. Oh yeah, and the UK leaves the EU on Friday.

SEARCH FOR AN ARTICLE:

Enter a keyword and search for all relevant articles

MARKET ANALYSIS

RECENT POSTS

Economic Diary

23.04.26

Read More

Financial Trading Blog

Gold Wobbles Ahead of Global PMIs

Read More

Daily Market Update

22.04.26 Wednesday Morning

The S&P 500 closed lower on Tuesday as doubts over the Iran ceasefire weighed on sentiment, while the US dollar...

Read More

Economic Diary

22.04.26

Read More

Financial Trading Blog

FTSE 100 Under Pressure From Oil Ahead of CPI, Sainsbury's Earnings

Read More

Economic Diary

21.04.26

Read More

DISCLAIMER


Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.

Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.

No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.

The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.