Spreadex Market Update
Cautious open in Europe
A confident, yet cautious, open to European markets this morning as the euphoria which drove global markets yesterday following a hint of further QE from US fed chairman Bernanke showed signs of extinguishing.
Clearly, fears over the Eurozone stability remain as an elephant in the room.
This anxiety could potentially materialise further if Spanish bond auctions due later this morning fail to deliver.
Mining stocks were given a boost this morning as UK – based natural resource company Kazakhmys reported higher pre-tax profits of 1.95% and revenues were up 10% benefitting from the increase in global metal prices.
The acceptance of a need to boost the Eurozone’s firewall by the German chancellor could itself dispel the growing illusion that the Eurozone’s financial stability is back on track. One must remember that fixing a symptom of a problem is not the same as fixing the problem itself.
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