Spreadex Market Update
Markets open tentatively
However, bears will likely barricade any surges within the markets if the ECB fails to take a more holistic approach to the Eurozone debt crisis and resume its purchase of government bonds from faltering Eurozone economies.
Spanish 10-year bonds are also due for auction later this morning. A poor bid-to-cover ratio and higher then expected yields could act as enough of an incentive for the ECB to restart the program. Although spread betters should still remain cautious, a poor bond auction from one of the Eurozone’s nations arguably most likely to benefit from the ECB bond buyback program only to be met with silence from the ECB could inject some volatility back into the markets.
Furthermore, US ADP Non-farm monthly employment change is due for release this afternoon which is seen to be a key precursor to the market moving US Non-farm employment change due tomorrow.
Any deviation from expectation with the figure coupled with a potentially perceived failure by the ECB to take measures to tackle the Eurozone debt crisis could bring global markets to their knees.
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