Spreadex Market Update

Earnings news in



US aluminium group Alcoa kicked off the first quarter earnings season last night, posting better-than-expected quarterly profit.  Meanwhile Chinese inflation data fuelled expectations that China will continue their monetary stimulus to help support economic growth. This has helped positivity in the market this morning with the FTSE called up 35 points to 6310.

 

The Japanese Yen extended its dive overnight after Japan’s finance minister indicated there is no plan to curb the yen’s fall after launching a fresh monetary stimulus program. On Monday, the Yen was at its lowest level against the dollar since April 2009 after the bond-buying operation went smoothly.

 

Positive comments from Federal Reserve Chairman Ben Bernanke last night said US banks are now stronger than they were a few years ago, thanks to government stress tests. Stress tests have been implemented back in 2009 to assess whether a bank’s reserves were adequate to withstand another credit crunch. 

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