Spreadex Market Update
Moody's downgrades banks
No doubt the credit rating agencies intentions are about imparting insight onto borrowers financial health for investors to make sound judgements, although under such circumstances downgrades just add to the chaos and threaten to push, in this case, an entire banking sector and government over the edge of the cliff.
The latest housing data from China continues to show economic activity is putting on the brakes, which is attributed to the governments property-speculation mandate of preventing multiple house purchases and increasing deposits, although the effects on the wider economy are clear as all sectors from manufacturing to retail seem to be experiencing a slowdown.
Markets may stabilize at some point today in the absence of scheduled data but spread bettors and other traders must be aware of the G8 meetings that begin today and not be on the wrong side of a trade on the back of any official announcement in attempt to reassure the markets.
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