Spreadex Market Update
Global equity markets ticked higher this morning
Global equity markets ticked higher this morning, supported by diplomatic efforts to cool the crisis in Ukraine. However, markets soon traded off their highs following comments from European Central Bank president Mario Draghi. Both the Bank of England and ECB have kept interest rates on hold at record lows of 0.5% and 0.25%. The Dax fell following comments from Draghi who announced he would be willing to “take further decisive action if required”, an indication that no additional tools will be seen today.
US jobless claims last week fell to a lowest level in three months, an sign companies are holding on to their staff even as cold weather threatens to slow the world’s largest economy. Jobless claims declined by 26,000 to 323,000, beating the 336,000 expected.
Following a 10 percent jump yesterday, Arabica coffee dropped 2.2 percent to $1.9800 a pound. The weakening comes after the commodity rallied to a two year high as dry weather eroded prospects for crops in the top producer and exporter, Brazil.
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