Spreadex Market Update
Asian stocks retreated from six-year highs
Asian stocks retreated from six-year highs overnight, following a negative US session which saw the Dow Jones dropping over 100 points. The negativity came after the World Bank trimmed its global growth forecast due to the Ukrainian crisis and the unusually odd weather in the United States have damped economic expansion in the first half of the year. The World Bank now believes the global economy would grow 2.8 percent this year, below its prior forecast of 3.2 percent made in January, but has expressed confidence activity was already shifting to more solid footing. European stocks are signalling a quiet open, calling the FTSE up 5 points.
US economic data could soon change sentiment with the release of Retail Sales and Unemployment Claims later this afternoon. Retail Sales are forecasting an increase from 0.1% from May’s readings to 0.5%. Unemployment is also looking for an improved figure, with 6k less claims over the last week to 306k.
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