Spreadex Market Update
U.S. markets initially jump higher on the open
Whilst U.S. markets initially jumped higher on the open, disappointing earnings from the likes of EBAY and UnitedHealth Group ensured a quick retreat. Stocks weren’t helped by a disappointing
Philly Fed Manufacturing Index coming in at 1.3, short of the 2.7 forecast.
Yet again, the biggest fallers in the FTSE 100 have been basic material sector shares with Glencore and Xstrata leading the way. Miners have been falling all week after gold entered a bear market with biggest two-day sell-off since 1983, and trade in precious metals and copper remain volatile.
Germany’s lower house of Parliament has overwhelmingly voted to grant Cyprus a €10Bn bailout. It is hoped that the plans put in place will prevent Cyprus from filing for bankruptcy whilst at the same time ensure their survival in the euro zone. German legislators have also backed a 7 year loan extension for bailout victims Portugal & Ireland.
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