Spreadex Market Update
Asian stocks rise overnight.
Asian stocks rose overnight, adding to six-year highs following a report which showed manufacturing expanded yesterday. Global equities remained positive throughout Monday, lifted by positive UK, China and US data. European markets are indicating a fairly lacklustre start, with the FTSE called up 1 to 6800. Investors will be turning their attention to a speech from Federal Reserve Chair Janet Yellen later this afternoon. Participants are seeking clarification into what is most important to the Fed. The dollar traded near a six-week low versus the euro ahead of the speech whilst the Australian dollar tumbled after the nation reported a wider trade deficit than economists expected. WTI crude traded near the lowest level in almost three weeks before stockpile data that is forecasted to show a decrease in stockpiles by 2.4 million barrels. Brent remains unchanged at $112 a barrel. Gold traded below a three-month high as investors assessed the outlook for US borrowing costs before Yellen speech later today.
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