Spreadex Market Update

Short term boost



Better than expected Michigan consumer sentiment figures have offered a short term boost to US and UK Stock Indices this afternoon with the Dow Jones up 57 points at the time of writing following expectation-smashing results from JP Morgan earlier in the session.

The preliminary October University of Michigan sentiment gauge rose to 83.1 - a second straight monthly surge –from a final September reading of 78.3.

Economist polled by Bloomberg had predicted a figure of 78.3 again and on the back of the news the Dow surged 45 points to a high of 13400, with some Spreadex clients booking short term profits having traded in the run up to the figure being released.

Earlier in the session JP Morgan posted a record quarterly profit, helped by a surge in mortgage refinancing.

The bank made $5.3 billion from July through September, up 36 per cent from the same period a year ago. It worked out to $1.40 per share, blowing away the $1.21 predicted by analysts polled by FactSet, a provider of financial data. Despite the pleasing set of figures the company’s shares are currently trading 50 cents lower.

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