Spreadex Market Update
European equities open higher
Australian GDP grew 1.3 percent last quarter, compared with the median expectation of 0.6 percent, helping a market focused heavily on discounting near-term risks be surprised to the upside. Gold remains will bid today, with the yellow metal continuing to be the preference of participants anticipating more stimulus, particularly given the recent correction to last year’s highs. Gold for August delivery trades $10 higher at $1628.
Not all, however, is as well as prices happen to suggest; indeed, the crisis rumbles on for Spain. Yesterday saw Mr Rajoy warn of the extreme difficulty facing Spain, alluding to a now higher probability that Spain alone is less able to contain its crisis, and that capital might be requested if conditions worsen. The comments were made in spite of the Spanish bond auctions due Thursday, something not likely to help ease the already punitive risk premium investors demand.
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