Spreadex Market Update

DAX and CAC start strong ahead of ECB meeting, FTSE slower out of the gate



Ahead of the ECB’s latest monthly meeting the Eurozone indices started Thursday strong.

Following on from a full recovery from the Dow Jones last night, the DAX and CAC both added more than half a percent after the bell. That leaves the DAX knocking at the door of 15,300, and around 230 points away from its all-time highs, with the CAC 10 or so points short of 6,200.

The European Central Bank isn’t expected to ruffle any feathers this Thursday, with analysts predicting that it will be another steady session from Christine Lagarde and co.

But with a while until the next meeting – the central bank skips May – the ECB could use this opportunity to sharpen its forward guidance. There are also hawks lurking among the doves, meaning the get-together may not go as smoothly as forecast.

While the Eurozone markets were aggressive in their continued rebound, the FTSE is struggling to get back to 7,000. Instead, a 0.2% increase leaves it just above 6,900, with little on the agenda until tomorrow’s flash manufacturing and services PMIs to help generate momentum.

As for the US, the Dow Jones futures currently have the index opening this afternoon flat. Which isn’t a bad thing, since last night’s 300 point-plus rise has lifted the Dow back above 34,100, leaving its record highs well within reach.

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