Markets Buoyant Despite A Flurry Of Mixed Economic Data

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Markets Buoyant Despite A Flurry Of Mixed Data

Markets Buoyant Despite A Flurry Of Mixed Data

Global markets are up across the board on Wednesday as risk on sentiment holds strong in the face of mixed economic data.

In the UK, The FTSE 100 is currently up 0.44% (29.26-points) at 6634.45. The financial industry is propping up the morning session in the UK’s leading index, with the biggest gainers being Standard Life (SL.L), up 5.69% at 395.06 on reports of its acquisition of Ignis, and Hargreaves Lansdown Plc. (HL.L) up 4.48% at 1,469.00 on revised UK savings rules. With a lack of market moving releases on Wednesday, UK markets will look to Thursday’s retail sales data for a directional bias heading into the weekend.

In Germany, the DAX 30 is 1.24% at 9,454.18. Leading the charge is sports retailer Adidas AG (ADS.DE), currently up 2.92% at 78.34, likely as a result of Nike (NKE) earnings far outweighing expectations. The gains come as Gfk reported its German Consumer Climate survey results as expected at 8.5.

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The outlook in the US mirrors that of Europe, with the Dow Jones Industrial Average up 34.81-points (0.21%) at 16,402.69. While still early in the US, the day’s biggest mover is pharmaceutical giant Merck & Co. Inc. (MRK), currently up 2.07% at 65.34 on a J.P Morgan big pharma recommendation.

The NASDAQ 100 is up 0.34% (12.39-points) at 3,641.89. Electrical engineering looks to be the flavour of the day, as illustrated by the biggest gainers. NXP Semiconductors NV (NXPI) is already up 3.69% at 59.05 on a respected analyst’s technical recommendation. Similarly, Garmin Ltd. (GRMN) is up 3.10% at 56.10 on a Citgroup upgrade on the company’s shares.

Looking fundamentally, a number of key data releases have come out mixed on Wednesday. The headline figure, core durable goods orders (MoM), missed expectations 0.3%, reported at 0.2%. Its non-core counterpart however, came out at 2.2%, far ahead of the forecast 1.0%. Elsewhere, mortgage data came in as expected, and services PMI beat expectations at 55.5.

To contact the reporter of this story: Samuel Rae at samuel@forexminute.com