Spreadex Market Update
Asian shares rocket to a one month high
Asian shares rocket to a one month high as US earnings reports are positive and consumer confidence was up at 94.5, well above the forecasted level of 87.4. Investors were not only buoyed by this positive data but also the expectations that the US federal reserve will lay off hiking interest rates for now. Asian equities acted very positively to this, the Nikkei gained 1.5%, currently trading around 15580, this is a welcome break for Asian shares after consecutive weeks of poor growth.
The Dow has continued its bullish trend, as confidence is restored to investors in the strength of the US economy. Wall Street closed above 17000 for the first time since the 3rd of October. However unlike previously there is more stability in the market and the Dow continues to trade up 10 points at 17,020 this morning. Moreover with the FOMC speaking this evening investor’s interpretation of the announcements made will dictate the major movements of the Dow today.
Finally the FTSE hasn’t been able to jump on the upward trend as positively as other major indices. The FTSE has been increasing at a slower rate, reluctantly breaching the 6,400 mark, currently trading up 22 points at 6426. Major currencies are pretty flat with cable at $1.61 and the EUR/USD at $1.27, both down 0.0006 and 0.0003 respectively.
A brief check up on Brent Crude Oil, after a very turbulent couple of weeks, with Saudi Arabia altering production and price wars occurring. Brent has managed to rise above $86.3 per barrel once again, however how long can this last as the dollar looks to appreciate again.
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