Spreadex Market Update
13.07.12 Friday Morning
Since traders are clearly becoming accustomed to receiving substantially worse than expected data, any data which shows a slight negative deviation from expectation, as in the case of China’s current growth rate, helps to inject some hope into the markets.
However, pessimism could quickly return to the markets as comic book villain Moody’s downgraded Italy’s credit rating by town notches, just two levels above junk status and arguably setting the stage for a potentially badly received Italian 10-year bond auction which is due later this morning.
Thus, once again, traders have little hope for a sustained period of optimism. It could be argued that unsustainable bond yields from some Eurozone nations, faltering rates of growth from export giants like the US and China will be enough for bulls to only enjoy a short stay within the markets whilst the bears build ammunition for a swift return.
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