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ETX Capital Daily Market Bite, 30th May, 2013: European Markets Pick Up Pace Ahead Of US Data
May 30, 2013 10:52 amVideo
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May 30th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
A sharp drop over 5% in Japan’s Nikkei index weighs on European markets this morning, while continued concerns over both Fed tapering of QE and slowing global growth remain at the forefront of investors’ minds. Stocks in Europe and the US sold off in Wednesday’s session amid Fed tapering fears combined with poor data from Germany, cuts to global growth by the OECD and a warning over China’s economic prospects by the IMF.
Fedspeak also caused some unease as Boston Fed head Rosengren said he is willing to see QE scaled back sometime soon if the economy recovers at its current pace. Rosengren has been a supporter of the stimulus programmes by the Fed so his comments do signal a shift in the FOMC. Traders are now cautiously awaiting US GDP figures due later this afternoon — strength here would surely build a bolder case for the Fed to taper stimulus soon which could unsettle markets in the process.
Data so far today continues to be rather damp with INE’s Spanish GDP reading dropping by 0.5% in Q1 however the news is not a surprise given the situation in that country. Other than US GDP figures, we have weekly jobless claims this afternoon. Closer to home, the euro zone economic sentiment indicator and Italian PPI readings are scheduled for release.
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