Spreadex Market Update
Asian markets fell overnight after initial gains
Asian markets fell overnight after initial gains after US equities closed high on Wednesday, the Dow Jones industrial average closing at a record high. MSCI’s index of Asia pacific shares closed down 0.2 percent and the Shanghai Composite index was down 0.8 percent, investors lacking the confidence to invest in blue-chip stocks and looking towards upcoming IPOs.
Euro pushed lower against the dollar on Wednesday as speculations that the US Fed may be looking towards tighter monetary policy, led by a strengthening economic conditions and an improving labour market. European markets are expected to open a little lower following the movements in Asian markets, the FTSE100 expected to open down 0.25 percent and the DAX down 0.15 percent.
LTI Crude continued its rise after yesterday’s announcement that reserves were lower than expected, rising to $101.45 a barrel.
Today the markets look forward to European CPI data and US housing and manufacturing data. Before the open of US exchanges, weekly unemployment claims from the country are expected to show an increase in new jobless individuals although last week’s figure was below estimates.
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