Spreadex Market Update
A down morning for the UK markets today
A down morning for the UK markets today after the trade deficit came in wider than forecast. Initially thought to be 9.3bn the announcement of a 9.7bn deficit seems to have spooked investors somewhat. With all the recent bullish news about the UK’s recovery with George Osborne declaring the job was half done at his autumn statement, this could act as a stark reminder that we aren’t out of the woods just yet. Prudential has attempted to drag the FTSE back into the black for the day, after setting new growth forecasts based on its increase in Asian business.
The major story in the US this afternoon will be the signing off of the Volcker rule; the regulators attempt to reign in the ever troublesome financial industry. The rule is a way of discouraging proprietary trading amongst banks market makers desks meaning market makers will not be rewarded for taking undue risks, whilst protecting essential activity such as market making. This rule has been contested for three years by the likes of JP Morgan, Goldman Sachs and others and it will be interesting to see if this will actually prove successful.
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