Spreadex Market Update
Global stocks remained in the red, declining for a second day
Global stocks remained in the red as we approach the European close, declining for a second day as investors weighed a provisional agreement between US lawmakers to limit automatic spending reductions. However, the Congressional budget accord fuelled speculation that the Federal Reserve could trim stimulus next week.
The euro rose for a seventh straight session against the dollar as investors believed that the European Central Bank will keep interest rates low for some time and as overnight lending rates crept upwards.
The UK’s banking sector remained under pressure with RBS leading the FTSE 100 fallers. Royal Bank of Scotland revealed their finance director, Nathan Bostock, has resigned after just 10 weeks to join Santander. This move is the latest in an ever growing list of problems for the 81% government owned bank.
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