Spreadex Market Update
14.01.13 Monday Afternoon
Throughout today’s session we have seen the FTSE 100 remain fairly flat supported by mining stock as the leading index consolidated above levels where investors have previously sought to sell. The implication of this price action is that the resistance band which formed in 2010/11 (when the FTSE topped out at 6,105) is not only being tested but appears to be giving way.
The Bank of England has claimed that banks offering over generous home loans risk fuelling a future housing boom. As a means of precaution, the BoE has laid out plans forcing banks to hold extra capital to keep the financial system safe. The Financial Policy Committee said tougher rules could slow growth during a credit expansion, but would be of long-term benefit by reducing the risk of a future financial crisis which could require taxpayers to shore up banks.
Japan’s prime minister Shinzo Abe is set to begin a programme of buying U.S. government bonds in an attempt to weaken the yen and boost his nations slowing economy. Whilst JP Morgan dispute this, it has been claimed by Nomura Securities that Abe’s Liberal Democratic Party will buy foreign securities that will amount to 50 trillion yen ($558bn). he purchases would further weaken a currency that has depreciated 12 percent in four months as the nation suffers through its third recession since 2008.
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