Spreadex Market Update
Asian shares traded higher once again last night on the back of encouraging U.S data
Asian shares traded higher once again last night on the back of encouraging U.S data and strong earnings, including Bank of America. This has gone some way in convincing market participants that the U.S economy is still on the right track after last week’s disappointing jobs data. The SPX 500 closed at a fresh all-time high last night with Bank of America, Wells Fargo and JP Morgan all reporting on better than expected results.
A growing number of British politicians have started to ramp up their euro-sceptic rhetoric in the past few days with certain policymakers of the opinion that the EU’s treaties are “not fit for purpose” calling for reform or alternatively reconsidering their position within the bloc. Chancellor George Osborne said EU treaties had to be amended to protect member states like his own that don't use the euro.
The comments will be seen as provocative from those who are keen to keep all members within the euro zone, however, the very same people will be extremely unlikely to allow Britain to pick and choose what rules they would like to follow and have already reiterated that there will be no exceptions for any member of the bloc. Jose Manuel Barroso, the president of the European Commission, believes countries taking a stance similar to Britain’s now have a "narrow, chauvinistic idea of the protection" of their interests.
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