Spreadex Market Update
FTSE trading lower
There was a hope from traders and spread bettors alike that a potential 4 trillion yuan package would be announced, however the latest news is likely to dent confidence further when people are looking for a gem of positivity in what is currently a fairly dark situation in Europe.
Given the fact that China is the world’s largest consumer of resources It is no surprise that we are seeing Mining, Oil and Gas companies amongst the largest fallers with weaker commodity prices assisting the fall.
In Europe Madrid’s plan to recapitalise the troubled bank Bankia was bluntly rejected yesterday as the ECB viewed indirectly taking money from the ECB was unacceptable.
Madrid was hoping this deal would go through as Spain simply cannot afford to go to the bond markets to supplement a bailout for Bankia.
Spanish debt yields have been slowly creeping closer to the notorious 7% level, putting increasing strain on their economy.
Spanish retail sales earlier this week were pretty dismal, added to the steady rise in yields and the situation at Bankia does not put Spain in a very comfortable position.
The Euro also hit a 22-month low yesterday amid a return of risk aversion after a dip in US consumer confidence and a Spanish downgrade hit market confidence.
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