Spreadex Market Update
Commodities gain
The S&P GSCI advanced to the highest since Jan. 2 with copper climbing 0.8 percent.
The yield on Spain’s 10-year bond fell 19 basis points to 4.95 percent, falling below 5 percent for the first time since March.
As a result we have seen a strengthened euro after the country sold more debt than targeted at its first auction of the year.
Despite the British economy teetering on the verge of another contraction, the Bank of England have voted not to buy more government bonds.
The BoE's nine-member Monetary Policy Committee said its main interest rate would stay at 0.5 percent and that it would not extend its gilt purchases beyond the 375 billion pounds' worth bought so far.
Tesco Plc. said its 1 billion pounds turnaround plan for its home market was starting to work as it posted its highest sales growth in three years over the crucial Christmas period.
Beating forecasts for underlying sales growth, Tesco have regained an edge after a dismal Christmas in 2011 prompting the group's first profit warning in 20 years and a strategic rethink.
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