Spreadex Market Update
Union separation fears
Dealing desks are witnessing the manifestation of Union separation fears as played out in London-listed equities. The FTSE 100 has been brought down by some 1.2 percent on the potential economic impact from a vote for Scottish independence. Prices currently are a reflection of investors’ defence against unknown consequences for regulation and the body of law that govern economic activity and corporations, not a fully-bound quantification of the monetary impact and its probability of happening. And when investors look to sell risk on such widely known events, the buyers who are happy to disagree are normally happy to do so only against a decent repricing of risk. So, a little volatility is perhaps to be expected.
More broadly speaking, global risk assets are also finding softer ground, as investors and market makers react to a potential change in sentiment from last week’s positive run. The Xetra Dax is down 20 points at 9,730, with the S&P 500 futures trading off by 0.2 percent. Sterling continues to find selling pressure against the dollar, now priced at $1.6122 in the spot market.
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