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ETX Capital Daily Market Bite, 17th January, 2013: Markets Trade In The Red; Miners Decline
January 17, 2013 10:45 amVideo
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January 17th, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
European equities are trading little changed to slightly lower this morning more or less mirroring US and Asian markets, as the release of the Beige book last night didn’t reveal any surprises and instead confirmed as expected that the US economy is currently in the process of slightly accelerating. In regard to news Europe should be rather quiet again this morning with several Spanish bond auctions expected to take centre stage. These auctions should go ok, mostly because Spanish yields have been relatively stable of late and other auctions in the past few weeks have shown good demand especially as no major changes or events have taken place what Spain and the European financial crisis is concerned. In the US things do look differently there are plenty of data scheduled for release today with the Philly-Fed Index being the main focus by traders in regard to the US economy especially after the rather disappointing reading of the Empire Manufacturing Index a couple of days ago. On the corporate side it will be all about the earnings season again with investors hoping that today’s releases by heavyweights like Bank of America, Citigroup and Intel will also surprise in positive way similar to Goldman Sachs and JPMorgan yesterday and give stocks a boost to the upside.
Despite US earnings season having gotten off to a very respectable start so far the overall stock market is being held back from posting further major advances to the upside on increasing worries what the debt ceiling is concerned and concerns that global growth might not be picking up as much in 2013 as previously hoped with several major institutions having downgraded their forecasts for 2013 in recent weeks. It will have to be seen if US corporate earnings report will manage to remain the main focus of traders or if the wrangling over extending the debt ceiling will increasingly overshadow and neutralise positive earnings reports.
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