Spreadex Market Update
FTSE opens flat
Basic materials performance has been a function of commodities prices, which have in turn been a function of Chinese growth expectations.
And with growth expectations tempering and commodity prices falling, such iron ore and copper, stocks like KAZ and ENRC have been the notable underperformers.
Attention today will turn to Bernanke’s speech from Jackson Hole, where it is anticipated he won’t give away much.
Investors believe that he is likely to remain accommodative of a future downturn but unlikely to announce any new bond-buying today, particularly with the all-important jobs number next week.
Gold and silver remain stable at $1,655 and $30.45 respectively, illustrating that at least some re-rating to inflationary expectations has occurred over the past few weeks.
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