Spreadex Market Update
Risk assets performing well
As prices stand today, most major equity benchmarks have gained approximately 10% for the month of June, illustrating how few options investors have open to them for their capital as a result of an extraordinarily well bid bond market.
The recent strong performance of stocks relative to the month of May indicates an ongoing rerating to outlook in light of recent eurozone developments and the likelihood of central bank action.
Indeed, markets are currently pricing in the chance of a cut to rates by the ECB tomorrow, and it’s anticipated that measures needed to nurse the economic area out of crisis will be seriously considered at least.
Important, too, will be the result of the U.S. jobs number due for release Friday. If the rally in equities is to last into this month and beyond, then the significant measures of economic strength, such as non-farm payrolls, must be seen to stabilise.
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