Spreadex Market Update
Markets open higher
Europe painted a pretty bad picture for itself yesterday, with Spanish yields rising and economic data giving little reassurance that Europe will manage to avoid dipping back into recession.
The FEDs minutes showing less support for further QE also helped to keep Equities lower yesterday.
However, the US economy seems to be faring well at the moment, with yesterdays ADP Non-Farm figures coming out better than expected.
The FED seems to think QE is less likely to be needed due to the current recovery of the US Economy, which in its own right is positive news.
The US Economy is faring quite well at the moment, but will Europe drag their fragile recovery down with it?
Spain needs to be closely watched as previous contagion fears could prove to be reality if this rather large domino does decide to fall.
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