Spreadex Market Update
Asian shares take turn for the worse
With the Fed beginning the process toward scaling back quantitative easing, the market dynamics are changing after rising on monetary policy. To add further anxiety to the markets, British construction returned to growth along with rebounding retail sales in May. Whilst this initially seems like good news, further positive data reinforces expectations that the Bank of England will refrain from more bond-buying.
Tesco have seen underlying sales slip back into decline in the first quarter, raising fresh fears over the retailers costly recovery plan for its home market. The firm, whose profit fell for the first time in two decades in the year that ended February 23, has spent 1 billion pounds on a fight back plan for Britain, where it makes about two thirds of revenue and profit.
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