Spreadex Market Update
US markets open lower after overoptimistic trading yesturday.
US markets opened lower as investors believed yesterday’s rally might have been overoptimistic. The S&P advanced 1.8 percent yesterday, helped by comments from the Federal Open Market Committee. With Fed taking a more hawkish approach, this gave an aspect of relief to the markets. Investors have spent the day capitalising on yesterday’s positivity and looked to reduce risk and book profits.
Data today showed US unemployment claims fell slightly from last week’s figure. With analysts expecting a higher figure, Americans filed fewer applications for benefits, coming in at 287,000 for the week. Data from Germany this morning showed German exports slumped the most since January 2009, while France’s trade deficit widened. German imports also fell by 1.3 percent, suggesting consumers are also losing faith in the country’s economy. Despite the negativity in the US and the German data, the DAX managed to maintain some of its earlier gains, up 50 points to 9045.
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