Spreadex Market Update
Consumer confidence high
Following the strong data, market focus has been drawn back to the possibility of reduced Fed monetary stimulus. The rally in global markets overnight was driven by investors choosing to focus on the growth implications of strong U.S. data, ignoring that it could add to speculation of the Federal Reserve scaling back its bond-buying programme.
The strong US data helped Asian stocks climb, with Japanese shares leading the way. There was some concern in Australia however, with Pacific Investment Management expecting Australia’s central bank to cut borrowing costs as falling mining investment may leave a hole in the economy. Meanwhile in Japan, governor Kuroda’s loose monetary policy remains the main bolster for local liquidity.
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