Spreadex Market Update
European markets and US futures continue to edge higher
European markets and US futures continue to edge higher, putting an end to three days of declines. However, gains are likely to remain limited as investor’s tread cautiously ahead of the Federal Reserve policy meeting next week.
The US dollar and the euro rose to five-week highs against the yen after upbeat data from the US helped the currencies. The yen was in decline as the Japanese central bank continued their commitment towards an ultra-easy monetary policy. The pound was also in decline today as investors saw the recent performance was overdone after recent data from the UK fell short of economists’ forecasts.
RSA Insurance led the FTSE 100 decliners after the chief executive resigned after its third profit warning in only six weeks. Shares were down over 15 percent by mid-day as the company warned the troubles will have a direct effect on the 2013 earnings. On a lighter note, ARM Holdings rose to the top of the FTSE 100 risers after it emerged the chip designer acquired Angle’s computer games graphic business for £6.2m.
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