ETX Capital Daily Market Bite, 13th February, 2013: European Markets Mixed; Eyes On G-20 Meeting
February 13, 2013 10:19 am
February 13th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
European stock markets are largely mixed Wednesday, staying in a tight range as traders tread carefully ahead of the G-20 meeting which kicks off on Friday in Moscow. A number of high profile economic releases also keeps the bulls and bears at bay, with attention turning to the BOE’s Inflation Report, euro zone industrial production and US retail sales all due during the course of the session. Overnight gains in Asian markets with Australia’s national index surpassing the 5,000 level and closing at its highest level since 2008, provides a degree of support here in Europe. Markets are also soothed by a pledge yesterday by the G7 to avoid currency wars and reaffirming their commitment to let market forces determine exchange rates. That said, markets are more so concerned with the discussion on currency valuations by G20 leaders later this week as they bear a greater influence on global policy measures. It is likely for that reason that we see a degree of trepidation kick in ahead of the G20 meeting with traders reluctant in adjusting risk exposure and opting to sit on their hands until policymakers have spoken.
February 13th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
European stock markets are largely mixed Wednesday, staying in a tight range as traders tread carefully ahead of the G-20 meeting which kicks off on Friday in Moscow. A number of high profile economic releases also keeps the bulls and bears at bay, with attention turning to the BOE’s Inflation Report, euro zone industrial production and US retail sales all due during the course of the session. Overnight gains in Asian markets with Australia’s national index surpassing the 5,000 level and closing at its highest level since 2008, provides a degree of support here in Europe. Markets are also soothed by a pledge yesterday by the G7 to avoid currency wars and reaffirming their commitment to let market forces determine exchange rates. That said, markets are more so concerned with the discussion on currency valuations by G20 leaders later this week as they bear a greater influence on global policy measures. It is likely for that reason that we see a degree of trepidation kick in ahead of the G20 meeting with traders reluctant in adjusting risk exposure and opting to sit on their hands until policymakers have spoken.
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