Spreadex Market Update
Euro shres open tentatively
European headline shares opened tentatively this morning as the worst-case-scenario day investors doubted would ever come, looked like it could become a reality.
The deadline for budget negotiations between US policy officials in order to avoid the economy falling off the ‘fiscal cliff’ is looming and since a deal has yet to be made, arguably, investors could now be bracing for the impact of the cliff rather than hoping the cliff will be avoided altogether.
Despite this, risk-on assets have fared relatively well and indeed some European markets are trading on year-highs.
Thus, bulls would point out although a deal between US policy officials has yet to be agreed, investors would highlight that it is not yet a case of too little too late for a deal to be reached, despite the deadline being just around the corner.
The markets will also have also have a string of economic data to digest later today including Chicago PMI figures as well as pending home sales figures from the US.
Nevertheless, despite the importance of such data to help provide indications on the health of the US economy, all eyes will remain on news reports indicating whether US policy officials have finally reached a deal over budget negotiations.
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