Spreadex Market Update
Chinese stocks under pressure
The FTSE is seen opening 20 points lower following a negative session in Asia. Chinese stocks were under pressure following a local media report that stated medium-sized banks are tightening its financing to property developers. The tightening, which is likely to remain until end of March, is viewed as a negative in the short-term as the authorities try increase the quality of credit on offer to help overall growth.
Natural gas rallied to its highest level in five years as analysts boosted the energy demand outlook following the frigid weather. Inventory data showed that supplies dropped to the lowest in a decade, advancing as much as 5.6 percent overnight.
Headline currencies remained steady ahead of the European open as political unrest in Ukraine showed signs of settling down. Ukraine’s parliament voted on Saturday to remove President Viktor Yanukovich, with freed Yulia Tymoshenko as the replacement.
On the quiet economic front, Germany IFO Business Survey is scheduled to report at 09:00 GMT. With Germany being Europe’s leading economy, analysts will play close attention to the figure to see if Germany remains on track to economic expansion.
Developments during the Group of 20 nations showed that monetary policy should remain accommodative for now as economies pledge to boost growth by more than $2 trillion over the next five years.
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