Spreadex Market Update
Asian shares manage to hold off further losses
Asian shares managed to hold off further losses throughout the night despite another bout of negative data which adds further worries over the global slowdown. Inflation data released from China hit a 5-month low of 1.6% in September. The negative sentiment looks to have spilled into Europe this morning with the FTSE 100 indicating a softer open, currently down 25 points.
Investors welcomed a brief pause in the global sell off yesterday as the markets calmed slightly after the dramatic and punishing sell off seen over the past week.
With a day full of economic data ahead, positive figures are needed in order to inject some positive sentiment back into markets; however, if data continues to deteriorate then we could see markets continue with its bearish run. Europe will get off to a busy start this morning with ECB President Mario Draghi set to speak in Frankfurt where he is to deliver opening remarks at the 7th Statistics Conference.
On the shares front, AbbVie has announced this morning that the pharmaceutical giant are to reconsider its $54bn takeover for Shire – a move in which will be made difficult by the new changes to the tax regulations by the US Department of Treasury’s. Large hedge funds are reported to have taken large positions in Shire as the takeover seemed to grow increasingly closer, therefore any collapse of the deal will hit hard.
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