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ETX Capital Daily Market Bite, 12th February, 2013: European Pick Up; G20 Eyed
February 12, 2013 11:17 amVideo
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February 12th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
Soft start to Tuesday’s session for European stock markets and the euro together with commodity prices. A weak finish on Wall Street overnight with the S&P500 falling after a six-week rally adds pressure on European price-action this morning. Several Asian markets remained close for the Chinese New Year holiday with Japan’s Nikkei advancing on continued yen weakness but South Korea’s Kospi falling on geo-political tensions after neighbour North Korea’s nuclear test. Traders this morning for these reasons are treading cautiously, awaiting some of today’s economic data releases before building or cutting risk exposure. UK PPI and CPI are out shortly and will gain much attention ahead of Wednesday’s BOE Inflation Report. Meanwhile, market participants were digesting the latest Eurogroup finance ministers meeting in Brussels on Monday; currency wars was the hot topic yesterday with France maintaining its stance to stem the advance of the euro on the basis that the euro’s move should reflect economic fundamentals. Other euro zone finmins argued against France however, saying markets should be left to decide FX rates. Most finmins agreed that the G20 meeting later this week is a better forum to discuss currency wars further. Fin mins meet again today and the focus will be on any developments on the Cypriot bailout. Elsewhere, ECB’s head Mario Draghi meets with Spain’s PM Rajoy with markets eyeing any comments regarding the recent political scandal in the current government there.
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