Spreadex Market Update
Asian stocks advanced overnight
Asian stocks advanced overnight, rising for a fourth day with the regional benchmark index extending its six year highs. The rally comes ahead of the Federal Reserve update later today. Markets closed weaker yesterday, with the Dow Jones trading 70 points lower as the European Union and the United States announced further sanctions against Russia, targeting its energy, banking and defence sectors.
Better than expected data from the US yesterday failed to incentivise buying, following a report which showed improving US consumer sentiment, with the index rising to 90.9 - the highest reading since October 2007.
The US dollar hovered at a six-month peak against a basket of major currencies, as dollar bulls hold out hope the US second quarter gross domestic product will show the economy has rebounded from a very poor first quarter, after the bitter US winter took its toll on the economy. Investors are also hoping the Federal Reserve will provide some hints on when it will raise interest rates.
Investors are likely to remain cautious at the start of the European trading session, analysing the consequences of tougher sanctions on Russia. Spreadex is calling the FTSE down 7 to 6800 whilst DAX futures traded 14 points lower to 9636. Gold remained near the lowest level this week on signs US economic growth is gaining momentum, countered haven demand from increased tension in Ukraine and Gaza.
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