Spreadex Market Update
Markets stabilise
But the U.S. markets remained firm in spite of a number that appeared capable of wiping off hundreds, not tens, of points from the Dow. In fact, the Dow closed down just 40 points at 14,565. It was the European benchmarks that suffered the most.
This week’s key point of interest is likely to be the FOMC this Wednesday. QE expectations are still arguably the largest driver in the market, defining equity returns by way of liquidity and a weakening of fiat money. Much of the returns experienced by investors on the London market in dollars, for example, would on average be significantly lower than those through sterling, owing to the market’s distaste for pounds. Similarly, owning Japanese stocks against the intensified bond-buying program is as much a short against the yen as it is long a basket of Japanese equities.
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