Spreadex Market Update
Bounce in stock indices
The bounce in stock indices today reflects the current supply shortage of equities, sending buyers higher this afternoon. Yesterday marked a bad day for risk, one that saw a further underperformance of UK-listed stocks. BG getting crushed didn’t help.
Decent earnings reports from the States has so far managed to offset the poor durable goods number, which could be concluded as tapering negative anyway. Pfizer Inc. and Ford Motor Co. beat bottom line estimates, helping to underpin market sentiment in the near-term.
Tomorrow attention will turn to big Ben’s last FOMC, marking the end of an era of expansionary monetary policy. Many expect the outcome to be neutral for prices so long as interest rate guidance remains static. If money remains cheap, everyone chasing the market will likely stay forward-looking.
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