Spreadex Market Update
Regional index moves towards six month high as Asian stocks continue their advance.
Asian stocks continued to advance overnight, sending the regional index toward a six-month high following data which showed China reported on industrial profits. Gold continued his bearish move, sliding to a 15 week low as investors’ appetite to risk improved. European futures are signalling a higher open, with the Dax extending its rally to hit record highs in anticipation of monetary easing from the European Central Bank. With a printed high of 9960, it would be very interesting to see if the Dax manages to break the key 10,000 technical level.
Russian stocks trading in New Work overnight traded lower, suspending their strong rally amid renewed concern over the situation in eastern Ukraine. With the RTS index taking the top spot of best performing equity gauge in May, the rally was halted with Russian stocks dropping to four week lows as fighting on the ground intensified.
The euro is heading for its biggest monthly decline in four months following speculation the European Central Bank will add to monetary easing. Projections that the ECB will lower borrowing costs to spur inflation have driven the euro to a three-month low with many believing a cut to their interest rates could happen as early as next week when policy makers gather in Frankfurt.
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