Spreadex Market Update
Asian stocks retreated overnight
Asian stocks retreated overnight, sending the benchmark index falling for a fourth day of losses. Worse than expected consumer confidence in the US and as Hong Kong braced itself for bigger protests as china pauses for a two day holiday.
US consumer confidence yesterday unexpectedly fell in September, the first time in five months. Consumer confidence was hurt by concerns over the job market and expectations that economic growth will slow in coming months.
Crude bounced slightly during early hours of trading after WTI dropped the most in 17 months yesterday, whilst Brent received its steepest drop in a year. The declines came as ample supple shielded the market from the risk of disruption due to continued conflict in the Middle East. A survey from Reuters yesterday showed OPEC supply rose to its highest level in two years as Libya boosted its output to 900,000 barrels a day.
A statement from Sainsbury’s this morning reported a fall in sales for the third quarter in a row as supermarket price wars continued to take their toll on underlying profits. Like for like sales, excluding fuel, in the three months to the end of September fell 2.8%. With the fiasco with Tesco’s, supermarkets have experienced heavy selling pressure. Putting aside all the negative headlines, the results are as expected which could see Sainsbury’s trade slightly higher on the open.
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