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Over the course of the morning, our client sentiment indicator has oscillated either side of 50 several times, and, 90 minutes before the US open, opinion was split 50/50. Like the FTSE index, the individual shares look equally undecided as to where to look; there are no clear sectors that are struggling or doing particularly well.
Manufacturing PMI figures published today have been broadly good, other than for China. From a psychological point of view the FTSE does have a tendency to be a little more circumspect than its European counterparts, and this may partially explain its reluctance to join the majority. Another aspect compounding the slowness to follow the day’s trend is the relative poor performance of the pound against both the euro and the US dollar.
Mario Draghi, the European Central Bank president, will be grateful that today’s figures will have gone some way to backing up his claims from mid-May that the eurozone is stabilising. Of course, the markets are still waiting for pro-active stimulus to materialise, however the noises coming out of Germany lead to encouragement that this will happen.