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ETX Capital Daily Market Bite, 4th January, 2013: Hawish Fed Minutes Rattle Sentiment
January 4, 2013 11:24 amVideo
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January 4th, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
European equity markets are trading moderately lower this morning after the release of the FOMC minutes last night surprisingly indicated that the support for QE3 in regard to how long the bond purchasing program should run isn’t as solid as previously thought with some Fed members feeling rather uncomfortable for the Fed buying bonds beyond mid 2013. Also although not necessarily coming as a surprise there is talk that Treasury Secretary Geithner might be stepping down at the end of the month despite another deadlock looming in Washington with politicians still having to agree to raise the debt ceiling, potentially causing an increase in uncertainty which could weigh on markets at a later stage once these talks are actually confirmed. Focus today will be on US Non Farm Payroll data with little change expected compared to the previous months. Overall despite the rather negative news from the FOMC minutes, equity markets are still receiving support from the relief that the US was able to avoid going over the fiscal cliff and from traditional money inflows which are taking place at the beginning of a new year.
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