Spreadex Market Update
Wall St struggles to follow Europe’s lead
Apple helped the Dow Jones hold its opening gains with the stock rising 1.5 per cent this morning after their music service reached 10 million subscribers. Many analysts expect it to become the leading music provider within the next few years. Also supporting stocks was the fact the People’s Bank of China raised the midpoint fix for the yuan.
This eased investors concern’s about a further devaluation. The strength of China’s economy is currently the biggest concern for global investors.
Materials, health care and energy were the largest decliners in the US. Oil and Copper continued to fall due to lack of demand, with the former trading below $33 a barrel and the latter hitting $1.9665, its lowest since April 2009. Despite this European indexes are managing to hold onto their gains, with the German DAX of particular interest, outperforming with gains of more than half a percent.
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