Spreadex Market Update
European indices have been lifted
Although recent polls suggest that the ECB will keep interest rates the same, the weak data fuelled speculation across asset classes with peripheral bond yields in countries such as Italy falling, equity markets rising and the euro weakening.
The FTSE 100 is trading over 90 points higher at 13:40 BST, aided by the rumours of further stimulus from the European Central Bank, and a solid start to the UK earnings season. ARM Holdings jumped 7.6% after beating first-quarter profit forecasts, with some traders of the belief that the share will push back up to its all-time high of more than £10.
Britain’s budget deficit fell ever so slightly last year, sparing the chancellors blushes as criticism of his austerity programme mounts. The Office for National Statistics said public borrowing, excluding some effects of bank bailouts and a one-off Royal Mail pension transfer, was 114.2 billion pounds in the 2012-13 tax year, equivalent to 7.37 percent of national output. This was down from 120.9 billion pounds or 7.93 percent of output in 2011/12.
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