Spreadex Market Update
Europe makes gains as Draghi promises a policy review
The Dow and S&P opened up as they both extended Wednesday’s late gains. The S&P moved back above August’s low helped by oil bouncing over 0.5% to $28.60. If oil manages to stabilise then this could present a buying opportunity with Patrick Thompson of J.P Morgan stating that “The US economy is actually in pretty good shape.”
Draghi’s remarks left US Treasuries flat, meaning that interest rate futures now imply that around a third of traders expect a rate hike next Mach, lower than 40 percent earlier this week. This move has been caused by the latest commodity slump, however the meeting is still two months away and it is unlikely the Fed will back itself into a corner at their meeting next week.
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