Spreadex Market Update
European markets open flat
Although the Federal Open Market Committee did not launch a new round of QE3 or cut interest rates, it has not been ruled out in the future and the statement suggests the possibility of further QE at the next meeting in September, which abated any further sell off yesterday.
The main focus of today’s European session will of course be the ECB’s policy meeting this afternoon. Following on from last week’s statement from Mario Draghi that the ECB will do all that is necessary to save the Euro we are seeing headline European indices push very slightly higher with the expectation that further stimulus measures will be introduced, however some investors are tentative given previous disappointments and any surprise could see a move to the downside.
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