Spreadex Market Update
Global indices are once again on the back foot
Global indices are once again on the back foot after worrying Eurozone inflation figures added to emerging market concerns. Inflation within the bloc remained well under the 2 percent target that the ECB set, printing at 0.7 percent for January. The disappointing data, that has been driven by falling energy prices, adds pressure on policymakers who must decide whether or not to cut interest rates next week.
Meanwhile, concerns regarding emerging markets don’t seem to budge. Countries in Asia, Latin America and emerging Europe are being forced to raise interest rates sharply to prevent currency collapses and a mass withdrawal of foreign investors. It is important to bear in mind that emerging markets on the whole performed disappointingly in 2013. As well as missing the 4.7 percent growth target the IMF set, its premium over growth rates in advanced countries has shrunk to its lowest in a decade.
Across the Atlantic, U.S stock-index futures have retreated once again with the S&P 500 heading for its worst January since 2010. Despite the worrying start to 2014, U.S earnings have performed fairly well. About 79 percent of the companies in the measure that have posted earnings this season exceeded analysts’ projections. However, U.S headline indices are still set for their first monthly decline since August 2013.
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