Spreadex Market Update
Asian markets trade down through the night
The FTSE is expected to open up this morning after recent favourable company data from G4S, imperial tobacco, etc. Services PMI data expected in at 60.4 rising 0.1 from previous data should help bolster the UK market when it’s released at 9.30.
In the US ISM non-manufacturing PMI is expected slightly lower than previous results, forecast at 54.2. Following the recent PMI data should this come in better than forecast it would point to the recovery in the US broadening across all industries suggesting true recovery. Expect an overreaction in the markets should forecasts be beaten.
Twitters yesterday raised the price range for its IPO by 25% to between $23-$25 putting the valuation of the company at $17.4bn including restricted stock units and options. The offering will be valued at $2bn should the top price range be achieved with approximately 13% of the options being sold. Twitter starts trading on the New York Stock Exchange on Thursday.
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