Spreadex Market Update
London stock futures are indicating a lower open
London stock futures are indicating a lower open as Asian equities lost ground as concerns of a new Ebola case in New York rippled markets. FTSE futures are indicating a 20 point lower open to 6396. Despite the negativity, Asian stocks still managed to extend its first weekly gain in seven weeks after US earnings beat estimates and as data yesterday signalled stronger European growth. US stocks futures also ended positively after earnings from Caterpillar and 3M exceeded analysts’ estimates. However, shares in Amazon.com plunged over 10% during after-hours trading in New York after they posted a third-quarter loss of $347m, up significantly from the $41m loss reported last year. The latest earnings have shown the limitations of Chief Executive Jeff Bezos’s strategy of spending big to fuel growth.
A key event this weekend will show the results of the latest stress tests, released by the European Banking Authority on Sunday. The results, released at noon in Frankfurt, will clarify to investors which of the currency bloc’s 130 biggest banks fell short in the European Central Bank’s year-long examination of their asset strength and ability to withstand another crisis.
After yesterday’s steep declines, Gold is showing some positivity today trading $3 higher to 1231. With global concerns sending investors to safe haven products, it seems Gold is now becoming a less significant choice for many. Instead, the perceived haven recently has been in the US where a strengthening economy and low inflation are increasing demand for dollars.
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