Spreadex Market Update
US finished strong
The MSCI Asia closed +0.41% where the yen fell to an 11 month low, helping to inflate the Nikkei. Stocks listed in China, however, slumped into the close on growth and reform concerns.
European investors turn to a higher open this morning, with the FTSE 100 opening higher by some 0.5%. Participants will be carefully examining the market’s ability to absorb any negative news flow and selling, citing the more realistic valuations off the back of risk assets being rerated higher as providing less potential upside.
Some would disagree. As the market gains momentum, the reflexive action of buying supports more buying until that buying becomes unsustainable. But with a macro picture shifting positively, it could take some time before valuations look unsustainable.
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