Spreadex Market Update

Euro futures indicate a higher open



European futures are indicating a higher open for equities following a positive session in Asia overnight. Chinese economic data figures showed an increase in Chinese manufacturing, rising to a 16-month high in August. The positivity has helped push metal prices higher which will no doubt filter through to UK mining companies this morning. Gains could be limited on low volume with US equities closed for Labor Day.

WTI crude fell for a third day after President Barack Obama said he will seek authorisation from Congress before ordering military action against Syria. A strike would likely disrupt Middle East oil exports.

The Yen fell against all of its major peers, sliding to a two-week high against the euro as Shinzo Abe got backing for a sales-tax increase from most members of panels which could weaken the currency. The majority of those panels favoured proceeding with the planned April increase.

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