Spreadex Market Update
Positive open for European markets
The previous day’s news that the IMF was committing to augment its lending capacity sought to antagonise Standard & Poor’s previous downgrade of the current bailout package. Despite this, investors remained apathetic as the IMF seems to be keeping the details regarding the package on a need to know only basis.
Unusually, at least compared to the last few months, Europe may not dwarf investor’s agenda this afternoon as a host of US firms are due to report.
A keen eye will be focused on Bank of America and whether legal and capital trepidations are constraining the bank’s ability to meet analyst’s expectations of 16 cents per share earnings, an increase of 4 cents from last year.
Technology firms are also likely to dominate, as Tech giants Intel, IBM, Google and Microsoft report which could shed light on the extent to which a sector largely overlooked by the effects of a global slowdown are surviving the present global turmoil.
However, investors should remain prudent as an inundation in positive reports from the US could provide the perfect context for disguising negative news arising from the European debt situation.
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