Spreadex Market Update
US stocks erased gains last night
Despite the comments from Icahn, Asian shares edged to a two-week high overnight, adding to the previous days hefty gains as investors continue to gain confidence following China’s economic reform plans.
The US dollar continued to fall for a second day versus the yen on speculation the Federal Reserve will reiterate that economic growth isn’t yet sufficient to trim stimulus. Gold extends declines as investors cut demand for the metal amid a rally in equities whilst Crude was in decline following US taper talk and a decline in crude stockpiles after eight weeks of increases.
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