Spreadex Market Update
Nikkei loses steam, Dow doesn’t
Today saw its Tuesday rally lose steam, falling 0.34% to close at 17369.5, after opening at 17407.5. This followed the latest set of comments from the Bank of Japan, who voted 8 to 1 to keep its policy targets unchanged.
Much like Draghi’s comments earlier in the week, BoJ Governor Kuroda provided a reassuring if insubstantial conference this morning, stating that ‘the BOJ's quantitative and qualitative easing (QQE) is exerting its intended effect’ and that ‘fiscal discipline is the responsibility of the government and parliament, not that of the central bank.’ Tonight will see the announcement of Japan’s trade balance, which is expected to have reduced from -1.7 trillion yen to -1.2 trillion yen, after this morning saw Japan’s industrial activity come in 0.2% lower than expected at 1.0%.
The Dow Jones continued its trend of opening low and closing at record highs yesterday, closing at 17680.5, up 30 points from Monday’s close. The S&P500 also grew 0.64% yesterday to close at a record high of 2052.1, boosted by the positive sentiment surrounding healthcare companies like Actavis, who recently agreed to purchase Allergan, and Gilead. Later today sees the announcement of US building permit and housing start figures, as well as the Federal Open Market Committee meeting minutes, which, if the Dow’s impervious behaviour continues, are unlikely to change its upward swing.
Finally, despite closing at a seven week high of 6715.8 yesterday, the FTSE opened today at opened today at 6703.3, following poor figures from British stocks like Royal Mail, who fell 4.8%, and ICAP, who fell 7.8%, alongside a weak morning for the commodities sector, with Rio Tinto and Anglo American both slipping due to disappointing mining figures from China. However, the FTSE has managed to reach 6790 this morning, whilst the Bank of England unsurprisingly voted to keep interest rates the same. This news caused a brief change in the FTSE, with it hovering around the 6705 mark.
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