Spreadex Market Update
What looked like a dismal start to the session soon turned into a significant reversal
The equity market has answered a question today. What looked like a dismal start to the session soon turned into a significant reversal, with investors’ appetite for risk not yet saturated from what has been a stellar 2013 for stocks.
European equity benchmarks opened some one per cent lower this morning and headed higher from thereon. This is significant given the backdrop of continued outperformance from risk assets throughout last year. Indeed, if the market wasn’t in a phase where flows appeared inward, any period of selling could easily invoke more selling and create price shocks, particularly with pundits and commentators popularising how expensive everything’s becoming.
CPI and retail sales (US) data came in broadly in line with consensus, allowing for a continuation of the market in its current state. Data, while still key, is now being taken in sympathy of earnings news flow. If the market is to continue to expand, earnings must keep pace.
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