ETX Capital Daily Market Bite, 16th January, 2013: Markets Nervous Ahead Of US Bank Earnings
January 16, 2013 10:49 am
January 16th, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
European equities are trading slightly lower this morning unable to recoup yesterday’s losses with pressure arising out of Asia overnight where the recent rapid ascent especially in Japan has come to an abrupt halt due to profit taking and a stronger Japanese Yen. Furthermore although not necessarily unexpected especially after yesterday’s weaker than expected German GDP the World Bank has reduced its growth forecast for the global economy from 3.0 to 2.4%. There is very little new data out in Europe today, the main focus instead will be on US corporate earnings with banking heavyweights Goldman Sachs and JPMorgan due to report quarterly figures. Also scheduled for release are US industrial production data and the Beige Book later this evening with both expected to confirm the latest assessments of the Fed that although only slightly but the US economy seems to be accelerating. While most major indices are continue to hold up rather well so far and aren’t too far off new multi year highs, worries are increasing again what global growth is concerned especially with Germany, Europe’s largest economy increasingly struggling under the continuing fallout of the European financial crisis and austerity measures continue being implemented across Europe possibly delaying further any recovery in Europe as a whole. Also of interest although more so in Europe than in the US as in the US the focus currently is on the corporate earnings season, markets are starting to price in the likelihood that there won’t be a quick deal what raising the US debt ceiling is concerned.
January 16th, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
European equities are trading slightly lower this morning unable to recoup yesterday’s losses with pressure arising out of Asia overnight where the recent rapid ascent especially in Japan has come to an abrupt halt due to profit taking and a stronger Japanese Yen. Furthermore although not necessarily unexpected especially after yesterday’s weaker than expected German GDP the World Bank has reduced its growth forecast for the global economy from 3.0 to 2.4%. There is very little new data out in Europe today, the main focus instead will be on US corporate earnings with banking heavyweights Goldman Sachs and JPMorgan due to report quarterly figures. Also scheduled for release are US industrial production data and the Beige Book later this evening with both expected to confirm the latest assessments of the Fed that although only slightly but the US economy seems to be accelerating.
While most major indices are continue to hold up rather well so far and aren’t too far off new multi year highs, worries are increasing again what global growth is concerned especially with Germany, Europe’s largest economy increasingly struggling under the continuing fallout of the European financial crisis and austerity measures continue being implemented across Europe possibly delaying further any recovery in Europe as a whole. Also of interest although more so in Europe than in the US as in the US the focus currently is on the corporate earnings season, markets are starting to price in the likelihood that there won’t be a quick deal what raising the US debt ceiling is concerned.
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