Spreadex Market Update
European and US markets had little changed until data from the US
European and US markets had remained little changed until data from the US showed a better than expected Prelim GDP reading. US futures fell as an improving US economy could add to a stronger case for the Federal Reserve to trim stimulus. With the Federal Reserve announcing they will start slowing stimulus if the economy improves, investor’s full attention will no doubt be on tomorrow’s big Non-farm payroll figure as well. All morning, Investors took to the side-lines to digest a string of data to gauge the possibility of a reduction in Federal Reserve bond buying program. Applications for US unemployment benefits unexpectedly fell last week to the lowest level in more than two months. Jobless claims decreased by 23,000 to 298,000.
George Osborne, the Chancellor of the Exchequer, said the British economy will expand 1.4 percent in 2013, increasing the initial 0.6 percent predicated back in March. The first upgrade since 2010 has been warmly welcomed and marks a boost for Osborne and David Cameron’s Conservative Party especially as campaigning for the 2015 elections starts shortly.
Gold dropped over $20 for the first time in three days as some investors speculated the data tomorrow may reinforce the case for a reduction in bond buying, reducing the demand for the precious metal.
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