Spreadex Market Update
UK equities show resilience
Given the hawkish comments from Fed chairman Ben Bernanke concerning future easing, capital pulled from markets by investors yesterday was entirely understandable; the broad price increase of risk assets seen this year is in part the result of interest rate manipulation courtesy of governmental bodies, not a glowing, debt-free secular growth story.
So, the markets turn to the clever moving around of liabilities by governments for their next reason to buy or sell, leaving the future of risk assets’ price action reliant upon something other than their fundamental value.
This picture, as much as it might seem alarming, is neither new nor unworkable. And so long as expected GDP can be seen to pay for today’s bills the story remains credible. Or at least that’s what the market believes.
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