Spreadex Market Update
Chinese manufacturing data failed to dazzle
The Asian stocks bounce was short lived as Wall Street suffered during yesterday evenings trading session. Chinese manufacturing data failed to dazzle the markets and were a bit of a flop; hence the Nikkei fell around half a percent and the China A50 fell to 7100. Wall Street fell 150 points to 16514, the bears came out on top as Brent crude struggled to hold its price above the $86.75 mark and is now trading around $84.9 per barrel, hence rekindling investor worries about the decline in global demand and growth.
Cable seems to be on the slide as the levels hit early this week of up around 1.61 are history and now GBP/USD struggles to trade above 1.60. The EUR/USD is also on the downward trend trading at 1.269. However the big mover is the USD/JPY on the back of poor Asian data the dollar has appreciated against the yen trading at 107.3, although bullish investors may see a further move here.
Finally looking towards the open today, Q3 corporate earnings results have been in abundance this morning including results from Unilever, Tesco, Orange and many more large corporates, with the majority looking pretty solid but investors will decide how impressive they really are in a quarter of expected growth. The FTSE is looking at opening down 40 points at 6356.
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