You are here: Home > Forex > ETX Capital Daily Market Bite, 15th July, 2013; Markets Up; China GDP Not As Bad As Feared
ETX Capital Daily Market Bite, 15th July, 2013; Markets Up; China GDP Not As Bad As Feared
July 15, 2013 7:35 amVideo
Latest News
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
July 15th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
A sigh of relief for investors in Europe this morning as Chinese GDP comes in at 7.5% for the second quarter of 2013, in line with expectations. That being said, the figure does confirm that the country is facing a considerable slowdown with this being the second consecutive quarter of weak growth. The data shows that China’s economy is suffering from a slowdown in investment, damp retail sales and stalling exports.
Policymakers in China appear to be comfortable with the slowing pace of growth, focusing on structural and banking reforms rather than embarking on stimulus measures to prop up the economy. It could be said today’s positive reaction to the GDP figures is mostly down to the country’s finmin last Friday saying that he expects growth to come in at 7%, preparing the market for a weak release.
European basic resource stocks are comforted by the Chinese data, with metal prices picking up pace overnight. Gold is currently up 8 bucks. But enthusiasm to build gains could face pressure during the course of the European session given the lack of economic data to offer indices fresh direction. Moreover, worrying news out of the euro zone doesn’t help; Portugal’s political turmoil, calls for Spain’s PM to quit and Friday’s rating downgrade of France have the potential to temper the mood.
Portugal’s borrowing costs surged on Friday after the Socialist party in the country opposed the government by seeking to ease the conditions of the current bailout programme. Spain’s PM Mariano Rajoy is facing renewed pressure to resign after a newspaper published text messages that link him to the party treasurer involved in secret payments. And, France had its rating cut to AA+ from AAA with a stable outlook from Fitch, a move that looks behind the curve but nevertheless highlights the precarious state of the euro zone economy.
With little data out of the euro zone, the focus will be on US macro releases in the shape of retail sales, business inventories and the Empire State manufacturing report. Citigroup’s Q2 results will be in focus after JPMorgan and Wells Fargo’s headline beating figures released on Friday.
Visit http://www.etxcapital.co.uk/
Find us on social media to be kept up to date with the latest ETX Capital news:
Facebook: https://www.facebook.com/#!/ETXCapita…
Twitter: https://twitter.com/#!/etxcapital
LinkedIn: http://www.linkedin.com/company/44542…
ETX Capital’s RSS site: http://my.etxcapital.co.uk/
Related Posts: