Spreadex Market Update
Another Dow fall sees the bears come out
Resource companies, which tend to be have a higher beta, especially when related to global growth fears, find themselves amongst the biggest fallers this morning. Vedanta, Fresnillo and Rio Tinto to name a few are all near the bottom of the list this morning.
The euro has steadied overnight, however still it is hovering near two year lows as investors are finding it hard to take long-term positions, preferring to take short term trades off the back of corrections from this level.
Following better than expected US results in previous quarters it appears that we are going to have to see some more expectation-busting results if we are to realise any sort of sustainable rally in the US over the next week or so. With the current can-kicking situation in Europe and fears over growth in China, any sort of move to the upside is likely to be dragged back underwater if there is any indication of European Bond yields pushing higher or a disagreement on whether the ESM is compatible with German law, which will be discussed in the German Constitutional Court today. Traders and those interested in financial spread betting may want to keep an eye on the German ten year bond auction this morning.
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