Spreadex Market Update
European stocks are signalling a softer start
European stocks are signalling a softer start, giving back some of the gains achieved yesterday. Asian stocks traded higher overnight, with the regional index heading for a one-week high after the Bank of Japan kept monetary policy stable before Federal Reserve Chair Janet Yellen addresses US lawmakers later this afternoon.
During the Bank of Japan’s Policy Statement, they announced they will maintain record stimulus unchanged and forecast inflation to pick up to its 2 percent target. Economists have now started to push back projections for further easing following Governor Kuroda’s confidence in the bank’s progress to drive inflation. The Yen strengthened against major currencies pairs.
Investors will be focused on the economic data heavy day combined with large blue-chip corporations reporting their earnings. We will see the likes of Goldman Sachs and JPMorgan Chase reporting earnings before the bell whilst Intel and Yahoo report after the US close. In terms of economic data, we will be seeing UK CPI, German ZEW and US Core retail sales which could help investors analyse the state of the global economy.
Major currencies traded within a tight range ahead of the key economic data later today. Crude was slightly lower after gaining previously as markets reassess Middle Eastern oil supply risks.
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