Spreadex Market Update
European futures are indicating a modest rebound
European futures are indicating a modest rebound after their recent slump deepened during yesterday’s session. Only 5 of the FTSE 100 stocks managed to finish in positive territory as global stocks took a shaking. A late rally for the Dow Jones saw the index erase the majority of its declines to close only 4 points lower. Asian stocks dropped for a sixth day overnight with trading resuming in Hong Kong following a two-day holiday. Pro-democracy leaders in Hong Kong have announced they will escalate protests if their demands are not addressed.
Volumes in Europe are likely to be light today as German markets pause for German Unity Day and as investors focus on the monthly Non-Farm payroll figure at 13:30. Analysts are expecting an increase of employment to 215,000, a jump from 142,000 last month. With investors digesting Mario Draghi’ s speech yesterday, they will now turn their attention to economic data. Mario Draghi signalled yesterday the ECB are prepared to take on below investment grade asset-backed securities, opening the door to Greek and Cypriot banks. Draghi signalled the ECB will start buying covered bonds and asset-backed securities this autumn, starting with the bond buying in mid-October. However, markets took a turn to the worse as the news was seen as nothing new to what’s been said already.
Gold erased all of yearly gains as the outlook for an improving US economy and higher interest rates curbs demand for the metal. Crude continued to play with the key $90 technical level, rebounding slightly from yesterday’s decline to $91.
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