By Connor Campbell, Financial Analyst, Spreadex
Yawn. Beyond one piece of, admittedly intriguing, German data there was 0 for the markets to work with this Monday.
The FTSE is far flatter than where it started the session, the index now sitting basically unchanged at 7520. One could argue it should be higher given that its key oil and mining stocks are up anywhere between 0.5% and 2.3% – this despite Brent Crude falling 1.2% and a flaccid performance from copper – and that sterling has had such a limp morning, rising 0.1% against the dollar but down 0.2% against its nemesis the euro. However the FTSE is less than 100 points from its all-time peak, a fact that may have some investors questioning its value.
Over in the eurozone the DAX was the only real source of movement this Monday, plunging 0.6% to wipe out a chunk of Friday’s growth. That’s because June’s German manufacturing production reading came in at a dismal, and 6 month low, -1.1%, far worse than both the 0.2% forecast and the 1.2% managed in May. It doesn’t help, of course, that the euro is trying its best to reclaim last week’s losses against the dollar, the currency rising 0.3% to re-cross $1.18.
Those hoping for a bit more excitement this afternoon look set to be out of luck. There’s nothing of note on offer from the US, explaining why the Dow Jones is expected to open just 20 points higher after the bell. Still, that would push the Dow above 22100, so the index can’t have too many complaints.
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