Spreadex Market Update
UK markets down as current account figures worse than expected.
A down morning for UK markets with the current account figures coming in worse than expected at -13bn missing the forecast by 1.8 billion. Revised Business Investment also missed its forecast coming in at -2.7% as opposed to the 0.9% forecast. This comes as a bit of a blow to the optimism surrounding recent positive economic data; however growth forecasts being reiterated as 0.7% has limited the number of sellers.
US Markets could be in for a turbulent afternoon with the debt ceiling looming over President Obama. The likelihood of a government shutdown is becoming ever more likely if the party standoff continues to drag on. In the end raising the Debt ceiling is a necessity but with President Obama refusing to negotiate over no-add on provisions attached to the bill Republicans and Independents have their hackles up. Republicans see this as irresponsible spending and in order to ensure the recovery of the economy they believe spending cuts need to be imposed, in particular Obamacare.
One positive economic signal was unemployment claims in the US coming in lower than forecast at 305k. While ordinarily this would see a boost in the markets, with speculation already at fever pitch over tapering, expect signs of unemployment lowering to further exacerbate this.
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