Spreadex Market Update
Europe opens lower as the DOW takes a dive
Oil falling to a 12 year low and explosions in Jakarta kept investor confidence low as the FTSE laboured in the open. Tesco was one of its few members in the green after posting a stronger than expected earnings report.
Yesterday evening saw the bears come out in full force as the S&P 500 closed down 2.5 percent, ending below the key 1,900 level for the first time since Sept. 29. The mood on Wall Street was one of fear as investors looked to get out pre-earnings, this combined with the oil price caused significant selling pressure.
Asian markets opening followed Wall Street’s lead and started in the red before recovering strongly to finish up 2%. Chinese indexes were the strongest performers with the Shanghai composite closing up nearly 2% and the Shenzhen composite up 3.8%. Japan’s Nikkei didn’t show the same strength, closing down 2.68% but this was significantly above the lows. Looking forward, the first of the bulge bracket banks earnings are released today, with JP Morgan Chase reporting at 11:45.
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