Spreadex Market Update
UK equities stronger
Today’s session has confirmed the unusual paradox between bad news and higher prices as something unlikely to recede.
Global equities caught a bid this afternoon as policy makers endorsed plans to keep rates at record lows until 2014, adding weight behind the hand that pushes income-seeking investors into riskier assets to find a return.
It’s not too surprising, then, that even with US jobless claims spiking higher this afternoon, the screens remain blue for risk assets.
And if the US economy can be seen to slow further, investors are likely to buy against an improved likelihood of QE3. But what did central banks expect from a self-maximising market place when offered cheap liquidity?
UK equities are stronger in line with the broader market, up around 1%. Basic material and industrials lead where healthcare and utilities lag. The strongest performers of the index are GKN and RIO. RDSA remains poorly bid this afternoon on concerns of an oil sheen originating from near their operations, though sources have confirmed Shell not to be the cause of the six-barrel accident.
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