Spreadex Market Update
Game goes into administration
On a brighter note the chancellor unveiled his budget this afternoon, cutting the 50p tax rate to 45 pence along with various other measures to try and encourage business to the UK. The markets started the day higher but slowly lost ground as the recent bull rally starts to loose momentum. US home sales was slightly worse than expected suggesting a marginally slowing us housing market and Oil even after intervention over the last few days is still extremely high, which can only be hindering economic growth.
Retail sales in the UK and unemployment claims in the US tomorrow will be anxiously waited for as the bulls could do with some more positive economic data to help push this rally further. Although the situation in Europe and impending inflation pressures can only be ignored for so long. We can only hope policy makers have not overlooked this.
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