Spreadex Market Update
Meek morning for markets ahead of FOMC statement this evening
The FTSE was the worst performer, dropping around 20 points after the bell rang. However, this still leaves the index at a 4 week high after jumping nearly a percent on Wednesday following a stellar jobs report and weak US inflation. The only thing of note coming from the UK this morning is the latest retail sales, expected to see a mild increase to 0.2%; it is unlikely, though, that investors will be too moved by this figure given the significance of today’s Fed decision and the market-dampening effect the pre-statement jitters are causing.
The Eurozone wasn’t much different from the FTSE this morning, meaning investors weren’t willing to really push the DAX and CAC either way. The region actually has the added headache of Sunday’s Greek election, with the potential for a somewhat volatility-inducing result being lost in the recent focus on China and the Fed.
It is unlikely there will be much change from the open’s risk-averse trading as the day goes on; this afternoon’s US data could cause a bit of a shuffle if the figures (including unemployment claims and the Philly Fed manufacturing index) are sufficiently shocking, but at this point there isn’t really much investors can do but wait. Unless, of course, that want to attempt the nigh-on impossible task of pre-empting what the central bank will do.
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