Spreadex Market Update
US payroll data sends Asian equities swinging
Asian equities swung between gains and losses following the US payroll data as investors analyse the effect it will have on the Federal Reserve’s decision to raise interest rates. Geopolitical tensions and the Portuguese banking crisis also weighed on settlement. However, developments over the weekend on the Portuguese banking crisis has helped European futures indicate a stronger open on news the Portuguese bank crisis has been given another lifeline. Portugal’s central bank took control of Banco Espirito Santo SA in a 4.9 billion-euro bailout. Banco Espirito Santo has been forced to take government money after regulators uncovered potential losses on loans to other companies tied to Portugal’s Espirito Santo family. Banco Espirito Santo will now be shut down, with its healthy businesses transferred to a new bank. UK investors will be focused on Construction PMI’s figures today which are due for release at 09:30. The British economy, which remains on a solid growth footing, will be focused on the construction data which is estimated for reading of 62.1, with July’s figure coming in at 62.6. HSBC is due to release their first half earnings at 9:15 this morning, expected to report a 11 percent fall in profit, hurt by falling revenues in a pared down business and lower income from Latin America and investment banking at the start of the year.
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