Spreadex Market Update
US equities find stable ground
European equity markets have concluded today’s session unchanged, with the FTSE 100 up 5 at 6,834 and the Xetra Dax down 10 at 9,700. US equities are also finding stable ground, as both the S&P 500 and Dow Jones Industrial average treading water. Investors continue to weigh the ongoing horizon for when the Fed is most likely to execute an increase to rates, with participants no longer particularly concerned with asset purchase news flow.
The other big story in the market that continues to dominate is Apple. The market has every reason to be concerned over the recent positive repricing but for the supportive valuation; the stock still trades at less than 16 times FY2015 earnings, making the bear case following the keynote a little less compelling than otherwise could be made with a tech company. The jury however remains out on the Apple Watch. And that uncertainty, not that it wasn’t liked, is what saw the market price the shares lower over the announcement of the product.
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