Spreadex Market Update
Growing concerns about emerging markets
Global bourses suffered a down morning today after growing concerns about emerging markets has caused foreign money to run for the exit. China’s recent contraction in manufacturing data has helped build a sense of unease in the emerging markets, if you pardon the pun, whilst emerging market currencies such as the Argentinian Peso plummeted last week. This coupled with recent jobs data that stirred up speculation on accelerated tapering means we could be in for a volatile few days when the FOMC meeting kicks off tomorrow.
The sell-off of emerging markets has provided a welcome boost for Gold, after declining over 25% last year and failing to rally on the announcement of tapering, analysts outlook for Gold in 2014 seemed bleak. With foreign money looking for safe harbours to weather the EM storm, gold looks set to prosper.
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