Spreadex Market Update
European stocks open higher
Citigroup, the US’s third largest Bank, shot up 5.5% after the company reported quarterly adjusted earnings that surged from the year-ago quarter, with the growth coming as mortgage lending increased and capital markets rebounded.
US Retail Sales also rose a better than expected 1.1% in September, showing that in spite of the uncertainty surrounding high unemployment and long-term fiscal challenges, consumers are continuing to shop.
The news has now boosted optimism that the coming months will be a good one for retailers.
Investors will be looking toward US earnings today with a host of U.S bellwethers such as Goldman Sachs, IBM and Intel all due to report.
Worries about a third-quarter US earnings have held stocks on the other side of the Atlantic back in recent weeks but if the companies due to release results today surprise analysts by once again beating expectations we could see indices push up further in afternoon trading.
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