Spreadex Market Update
Fears that the Fed could speed up the tapering process
Unemployment claims in the USA came in at 326k 1k lower than forecast, following last Fridays disappointing non-farm figures, this could rekindle speculators fears that the Fed could speed up the tapering process when the FOMC two-day meeting gets underway on the 28th of January. The result caused a spike in gold revealing investor’s uncertainty ahead of the meeting. CPI data was in line with expectations with core CPI m/m 0.1% and m/m CPI rising 0.3% the largest change since June.
US futures seem set to open down after a series of bad results for companies spooked investors. Citigroup lost 3.1% after earnings failed to live up to expectations whilst Best Buy fell as much as 29% after a disappointing Christmas period. An unhappy earnings season could see the S&P slip back into decline for 2014 after yesterday saw the S&P briefly move into gain.
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