Spreadex Market Update
Euro markets suffer
After the S&P 500 index saw its biggest fall in more than 3 months, U.S. futures have started to recover with stock futures climbing as investors await house-sales data and earnings.
According to one forecast, January New Home Sales are expected to climb to 380,000 improving on the December figure of 369,000. When you bear in mind that about 75 percent of the 499 companies in the S&P 500 that have released quarterly earnings since Jan. 8 have exceeded estimates, traders have good reason to be in a Bullish mood.
Paul Tucker, a deputy governor of the Bank of England has claimed that existing stimulus was likely to boost growth in the future more effectively but that the need for further QE may still be a possibility.
Further QE would depend on the outlook for demand and inflation, and whilst Tucker was among 6 policymakers who voted against renewed purchases of government bonds earlier this month, he is not alone on this issue with Mervyn King also backing more QE.
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