Spreadex Market Update
European equities recovered yesterday’s losses
European equities recovered yesterday’s losses in morning trading, boosted by news that the UK employment rate had matched the record high of 73.1 percent in the three months to May. Mining stocks grew particularly strongly after news that the world’s largest metals consumer, China, was growing faster than expected. Mining stocks and bid speculation on engineering firm Meggit send the FTSE 100 index to a one-week high.
Better than expected manufacturing and inflation data gave US equities a strong start before Feb Chair Janet Yellen began her testimony to Congress on monetary Policy. Investors continued to be buoyed by her opening comments that that although the labour market was beginning to show signs of recovery, the time for rate rises had not yet arrived. Later, in the question and answer session she reiterated yesterday’s guidance that some equities appeared to be trading on stretched valuations.
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