Spreadex Market Update
Euro futures indicating another lower open
Both the European Central Bank and the Bank of England announces interest rate decisions today, both expected to leave rates unchanged. Many investors will focus on comments from Mario Draghi later today to see what the biggest central banks are doing to provide market liquidity. Sir Mervyn King will call on 16 years of rate setting today when he chairs his final meeting on UK monetary policy. With a trio of upbeat surveys from manufacturing, construction and services sectors, many economists believe the Bank of England will hold fire on pumping more cash into the economy.
Comments from Shinzo Abe overnight sent Japanese utilities shares tumbling as he announced he would pump 30 trillion yen of investment into the Japanese electricity industry for a surge in clean energy projects. Tokyo Electric Power Co. took the brunt of the decline after Abe failed to mention restarting the nuclear plants which have been closed since the earthquake in 2011.
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