Spreadex Market Update
Global shares expected to climb
Oil, copper and gold prices were also underpinned while the dollar remained broadly pressured, but the yen weakened against the dollar on expectations the Bank of Japan will take additional easing steps at its policy meeting next week.
Whilst the proposed Euro zone banking union is being formed to solve the regions debt crisis, British politicians are wary of obtaining safeguards to avoid its banks being damaged by a too-powerful European Central Bank. The government does back a Euro zone banking union in principle to help stabilise the sector, but stressed it needs to get key details right.
JPMorgan are being pressed by U.S. regulators to strengthen investor disclosure on proprietary trading. This comes almost a year after a wrong-way bet on credit derivatives cost the bank at least $6.2bn. Proprietary trading, in which banks make bets with their own money, would be restricted under a Dodd- Frank Act provision known as the Volcker rule.
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