Spreadex Market Update
Risk assets continue to be sold today
Risk assets continue to be sold today, as equity benchmarks drift lower after last week’s record print for the Dow Jones Industrial Average. The FTSE 100 is down by some 50 points at 6,770, being led lower by the airlines EasyJet and IAG, down 3.8 percent and 6 percent respectively after Air France lowered its earnings guidance for 2014. Outperforming in the benchmark today are basic materials, with Glencore Xstrata and Rio Tinto continuing to gain ground after expectations are now for iron ore prices to bottom out.
Meanwhile, US stock indices are lower on the open, too. The Dow is back below the 17,000 level, and the S&P 500 is trading lower at 1,965. Bonds, however, are doing what they used to on days where risk is being sold; being bought. Treasuries, Gilts and Bunds are all in demand. Elsewhere, gold is steady so far this session, up marginally at $1,342.
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