Spreadex Market Update
09.11.12 Friday Afternoon
Global markets traded lower today as bears roamed the markets and preyed on the mining and banking sectors which have been perceived to be particularly risky by investors given the impending US fiscal cliff as well as uncertainties regarding the pace of the global growth.
Although the markets have been gifted with positive industrial production data from China today, one would have assumed that this would have been enough of an incentive for investors to dive back into risk-on assets. However, investors have clearly decided that given all the factors affecting the global economic climate at present, the risk is just too great to enter into any substantive long positions.
The US President, Barack Obama, is due to make his first public speech since his re-election later today. Investors will likely scrutinise the entire speech hoping to get a glimpse from Obama regarding how he plans to avoid the ‘fiscal cliff’. Thus, a lack of direction or ambiguity regarding Obama’s plan to tackle the cliff could result in stocks ending this week firmly in the red.
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