Spreadex Market Update
Interest rates to remain on hold
The benchmark rate has been left at a historic low of 0.75% as Spain decide if taking up the offer is worth it with the conditions attached.
The euro zone is considering the option of aiding Spain by providing buyers of the government bonds insurance designed to maintain Spanish access to capital markets and minimize the cost to European taxpayers.
Meanwhile, in the UK the Bank of England has refused to step up its programme of government bond buying as the economy is showing signs of growth and operational schemes to boost credit may yet encourage lending.
Britain has probably exited recession in the third quarter as production bounced back from the effect of an extra public holiday in June and sales from the London Olympics & Paralympics boosted growth.
In the US, ADP national employment figures showed that more jobs were added than expected with 162,000 additional jobs in September. While the gain did top market expectations, the figure was fewer than the 189,000 added in August.
Friday’s non-farm payrolls is also expected to show a slight growth with employers adding 113,000 jobs.
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