Spreadex Market Update
European headline shares open optimistically
However, euphoric sentiment has been substituted with cautiousness as the pledge has apparently only been made available to nations which officially request the support and adhere to austerity cuts.
Thus, investors are clearly concerned that Spain will shy away from the support not wishing to substitute lower yields on their debt with strict austerity measures and therefore forced to continue to borrow at unmanageable rates.
Furthermore, the penultimate US job reports figure from the ADP is due for release today.
If investor’s sentiment is hampered by today’s ECB meeting following a poor ADP report, which is often see as a precursor to the market moving US non-farm report released tomorrow, investors could quickly find themselves drowning in a sea of red.
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