Spreadex Market Update
European markets open strongly
Rebounding from their cheapest levels on record, Chinese coal stocks are rallying as investors predict that demand for fuel will recover as winter ensues and inventories are trimmed.
The yen hit a two-week high against the dollar of around 77.50 yen on Friday.
The dollar index measured against a basket of currencies eased 0.2% after losing 0.4% on Thursday for its biggest daily drop in two weeks.
Despite outlining a 10 point plan for reforming the Libor interest rates, the FSA has stopped short of scrapping Libor all together.
Martin Wheatley, head of the FSA, acknowledged that problems with the London interbank offered rates do exist but has emphasized the fact that Libor is too deeply entrenched in the financial system to be easily replaced.
The message given is that for now, no better alternative is available and that any transition to a new benchmark would be difficult.
Set for the best quarter in more than a year, commodities have risen as the euro and European stock futures gained.
Chinese stocks rallied for a second consecutive day on prospects for more government stimulus while Japan’s benchmark index fell to a two week low after consumer prices retreated.
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