Spreadex Market Update
European markets open positively
Despite this, gains are being hindered by reports that HSBC has downgraded its growth predictions for China and expects GDP for China to grow by 7.8% compared to the previous 8% forecast.
Investors will also be meticulously analysing any indications from the ECB during a conference today as to whether Spain is actually any closer to requesting a bailout.
The ECB’s main financing rate is expected to stay at 0.75 % as policy makers await requests from any struggling Eurozone nations, specifically Spain, for help in order to active the new bond programme.
However, volatility could quickly return to the markets today if investors are once again sent mixed messages over the Eurozone debt crisis during the ECB conference.
Investors would not take announcements lightly that Spain is close to requesting a bailout when the Spanish Prime Minister has said that a bailout isn’t imminent.
Thus, in order for bulls to establish a strong long-term foothold in the markets there needs to be greater transparency and unity over the current state of the Eurozone debt crisis.
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