Spreadex Market Update
Asian markets fly
Taking a brief look at last night saw Asian markets fly on the back of the greenback surge yesterday, the Nikkei deserves a quick mention as it hits an 18 and a half year high on the back of earnings optimism and Greek hopes. The Japanese index broke the 20,000 handle which was last hit in 2000 during the dot.com bubble.
After a strong start to the week for the Dax it is a much quieter morning for European equities as Dax futures currently trade down 26pts on the day falling off the 11600 mark. Moreover with Euro meetings on throughout the day, analysts’ views are that an agreement will be made and met in the near future hence the 400pt upward movement on Monday. Consequently with the IMF and ECB forming a deal with Greece, this is likely to be priced in, any news creating tension of Greece failing to meet its requirements could really distress the markets.
Once again the FTSE has held firm which is the most that can be said for UK equities which have been very quiet over the past couple of weeks. The FTSE is up over 6800 but seems very range bound between 6750 and 6850, the Greek euphoria of a deal has barely rubbed off on the stable FTSE which is currently up 25pts.
A quick look at Gold see’s the precious metal come off from last week’s high of over $1200 per ounce, FOMC Member Powell stating two rate hikes could be on the horizon before year end. This has crippled the metal as yield turns from gold to banks, hence gold now trading down at $1175.
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