Spreadex Market Update
Despite a negative morning, global bourses recovered from their lows
Despite a negative morning, global bourses recovered from their lows with US futures trading in positive territory. Equities remained sluggish this morning as investors digested Janet Yellens comments last night, signalling interest rates could rise by the middle of next year. The turnaround comes after Philly Fed Manufacturing data showed a jump in general business conditions, coming in at 9, far higher than the 4.2 expected. Gold declined another $16 today, falling to a 3 week low following Yellens comments.
The dollar continued to advance against major pairs, trading at its strongest level in more than two weeks against the euro. West Texas Intermediate crude climbed above $100 a barrel before retreating after a government report showed that inventories dropped for a seventh week.
Resolution led the FTSE 100 decliners, falling 6% following yesterday’s Annual Budget Release. Pension firms continue to be hit hard following the pension reformation which is likely to dent top end sales.
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