Spreadex Market Update
Market lacks confidence as Chinese pro-democracy talks fail.
Hong Kong was centre of attention again last night as talks between pro-democracy movement and Chinese authorities have been scrapped, this created a lack of confidence within the market, the VIX spiking 24% - an 18 month high and hence the Hang Seng losing 422 points, now trading at 23044.
Taking a look at currency, the welcome relief of the dollar’s depreciation was short lived as Draghi reinforced the commitment of price stability, EUR/USD nearly breached the $1.28 mark but soon fell off to $1.2679 this morning. Investors believing this could retreat even further as both ECB president Draghi and FOMC Member Fischer speak later on today.
A brief overview of major global indices sees the DAX opening down 80 points at the 8930 mark and the FTSE down 50 points trading at 6385 this morning.
Brent Crude Oil remains in a technical bearish market as oil prices fell 107 points below $90 a barrel to around $88.96 this morning. This has been the trend over the past week and tends to be an ominous sign for global growth.
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