Spreadex Market Update
European indices open tentatively
The Dow had its biggest gain since September 13th, a change far removed from the mood last week where concerns over corporate earnings and Spain prevailed. Since then we have seen a suggestion that all is not lost, with earnings from US heavyweight banks including JP Morgan and Goldman Sachs being better than previously expected and US data also showing a few indications of a recovery.
In Europe we have also seen a softening of relations between Spain, Greece and other members of the European Union.
The Euro hit a one-month high against the Dollar after Moody’s affirmed Spain’s investment grade rating, quelling fears of a downgrade to junk status, however some traders have been questioning whether it makes sense to buy based solely on such news and the expectation is that the Euro is likely to face firm resistance near the $1.32 mark ahead of the forthcoming European summit.
Minutes from the meeting of the Bank of England’s Monetary Policy Committee (MPC) will be released at 9:30 this morning along with the UK’s claimant count change.
Investors will be picking through the details to look for any clues of further Quantitative Easing, with the current round due to end next month. MPC members Martin Weale, Ben Broadbent and Spencer Dale have all articulated fears over authorizing more QE with inflation currently above the UK’s 2% target and it will be interesting to see whether they have gained any more followers recently.
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