Spreadex Market Update
Planned vote cancelled
With John Boehner failing to receive support in his own party, there is concern that house members and senators won’t vote on budget issues until after Christmas, giving them less than a week to reach an agreement.
The collapse of “Plan B” means that only negotiations between Barack Obama and John Boehner are now the only hope for averting the automatic spending cuts.
European equities are set to open lower, following declines in Asia overnight on continued “fiscal cliff” concerns.
Oil prices were also in decline after fear that the world’s biggest crude consumer won’t reach a deal to avert spending cuts and tax increases.
Figures at 9:30 from the UK will give us a better idea of the health of the UK economy whilst core Durable Goods Orders from the US at 13:30 is set to show a potential decrease in production since last month.
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