Spreadex Market Update
Japanese stocks have stepped back
Asian shares have struggled throughout this week, however to present the Nikkei has bucked the trend of falling equity prices. Japan has been riding the wave of the BoJ’s pension fund investment, however Japanese stocks have stepped back after posting large gains, this is over the lingering pessimistic atmosphere surrounding the tumbling commodity prices and hence the concern of slowing global growth. The Nikkei falling back 0.7% closing down 285 points at around 16900, the Hang Seng has continued its downward trend down another 0.1% trading at 23621.
Investors look to this afternoon’s ECB press conference where Mario Draghi will show his readiness to promote stimulus in reaction to poor manufacturing results shown from the majority of major EU players. The Dax opened down after gains yesterday, now trading just over the 9300 mark. The FTSE has also opened down and will hope to stay above 6500 as the ECB makes announcements, now trading at 6518.
Taking a brief look at currencies and commodities, the USD/JPY continues to make headlines and break key levels trading over 115 last night at a seven year peak of 115.52 yen. Commodities continued their rout with gold and silver taking the brunt of losses, gold has continued to be on the tumble dropping to $1144 per ounce this morning down from the $1250 levels seen last month.
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