Spreadex Market Update
European stocks dropped for a fifth day
European stocks dropped for a fifth day following comments from the Federal Reserve which announced the central bank may raise interest rates sooner than investors expected. Wall Street is bracing themselves for sharp losses as the Fed released plans to exit their bond-buying program.
Banking stocks have been hit hard this morning after it emerged a parent company of Banco Espirito Santo delayed payments of short-term notes, resurfacing concerns that banks remain vulnerable.
The Bank of England held interest rates at their record low at 0.5%, its level since the worst of the financial crisis more than five years ago. The BoE is broadly expected to raise rates either at the end of this year or early 2015.
To provide some positivity, US unemployment claims decreased to 304k last week, beating the 316k estimate. Markets were unfazed by the figure following the comments from FOMC which dominated headlines.
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