Spreadex Market Update
Eurozone manufacturing PMI and Trade balance comes in relatively strong
The eurozone ended the year on a positive for business with manufacturing PMI and Trade balance coming in relatively strong. Germany saw mixed results for Flash PMI with better than forecast Manufacturing and slightly weaker than forecast services data, this coupled with improvements in the eurozone data has led to a rally for the Dax up almost 140 points on the day.
Investors appear to be bullish again for UK markets after a boost in the Eurozone and latching on to technical signals after the recent decline. With sentiment seeming to be that the markets can’t end the year on a decline, despite the hurdle of the FOMC meeting commencing tomorrow. The rise today led by Aggreko would indicate that speculators are convinced tapering won’t occur on Wednesday and are hoping to ride a rise to the years close.
With the FOMC two day meeting starting tomorrow, investors are stirring up a storm pilling money into equities in anticipation of no tapering, in what could be interpreted as overconfidence given the Fed’s recent decisions shocking speculators. The weakening of the dollar today would support the belief tapering won’t occur.
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