Spreadex Market Update
Further strong corporate results
European equities continue to remain well-bid for the session ahead of the Fed meeting tomorrow night. Good corporate results today from Merck and Sprint Corp in the US have helped bolster appetite for risk. And with a relative absence of bad news from Ukraine and Russia currently, the market seems stable for the time being. The Xetra Dax is so far the biggest beneficiary of this theme.
Gold is holding the $1,290 level and dollars have softened against major pairings. Bunds are outperforming Gilts by a small margin, with both lighter on the day.
Earlier, Serco, the outsourcing company that runs prisons, saw its shares tank on profit warning news. The stock has been struggling for some time and this has acted to compound the extent to which investors are avoiding it. Shares were changing hands for more than 600p during the middle of last year. A short time ago, shares were trading down 19 percent at 327p.
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