Spreadex Market Update
Asian markets traded down again this morning with the MSCI Asian down 0.8%
Asian markets traded down again this morning with the MSCI Asian down 0.8%. The negative market sentiment is caused by fears that the US budget deal will be the final sign the Fed needs to start tapering the $85 billion bond purchasing as early as December, spooking investors into pulling their money out of equities.
UK markets are expected to open down 25 points, despite forecasts indicating that 2014 should see the fastest growth for the UK economy in 7 years. The companies that will be affected by the FTSE reshuffle on the 23rd of December have also been announced. The biggest news is that the Royal Mail will be joining the blue chip index adding to the controversy that it was hugely undervalued by the Government. The stock floated at £3.30 has gained over 80% as it approaches the £6.00 mark, giving it a market cap of over £6bn. Ashtead group will also be joining the index with Croda and Vedanta making way for the two newcomers.
US markets will be heavily influenced by today’s unemployment claims data released at 1.30pm, forecast at 321k, regardless of the results will no doubt stir up tapering speculators into a frenzy. Today will also see the bipartisan budget deal agreed between the Democratic and Republican negotiators taken up by the house of representatives, another step towards spurring the US recovery and providing economic stability for the next couple of years.
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