Spreadex Market Update
Risk assets continue to struggle ahead
Risk assets continue to struggle ahead of the US open today. The FTSE 100 is currently down by more than 70 points at 6,603, with the Xetra Dax down by more than 110 at 9,075. And while journalists cite geopolitical reasons for the mild exodus from risk, some analysts are calling the consolidation the result of cycling from stocks into bonds in anticipation of a future increase to the cost of capital – something usually harmful to the stock market. Indeed, investors who replaced fixed income products with fixed income-like equity products in their pursuit of returns might begin to allocate back to fixed income as yields inflate.
Turning to London’s main market, Interserve and Hargreaves Lansdown buck the trend of selling, both up by more than 3.5 percent. Falling to the bottom of the loser’s list are Shire and Astrazeneca, down more than 4.5 percent on tax implications from US law makers.
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