Spreadex Market Update
European indices have had a lacklustre start to the day
European indices have had a lacklustre start to the day with investors remaining cautious ahead of today’s official UK bank rate & ECB press conference set to start at 12:00 & 13:30 respectively. Despite the fact that the two central-bank meetings are expected to show no change on the monetary policy front, we are expecting inflation and growth projections.
New economic projections from the European Central Bank today are likely to point to euro zone inflation remaining below target into 2015, raising pressure on the bank to take fresh policy action next year. The ECB is widely expected to leave interest rates unchanged at its final policy meeting of this year, after surprising markets last month with a cut in its main rate to a record low of 0.25 percent.
Tomorrow’s U.S payrolls report may help investors gauge the outlook for stimulus. The Federal Open Market Committee meets on Dec 17th-18th to consider changes to its $85 billion of monthly bond buying. Officials said at their Oct 29th-30th meeting that they may slow their asset purchases if the economy improves as forecast. With better than expected U.S jobs data released yesterday, equities remain under pressure as any tapering of bond purchases could signal the start of a bear market.
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