ETX Capital Daily Market Bite, 21st January, 2013: Firm Session But Lacking Direction; Subdued Mkts
January 21, 2013 9:14 am
January 21st, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
A firm finish on Wall Street Friday lends support to European financial markets this morning with traders taking heart in positive commentary by US lawmakers surrounding debt limit talks and better corporate numbers from GE and Morgan Stanley. So far 72% of the 67 US companies that have reported have beaten expectations but traders in Europe are likely to hold back from adding too much risk given that our own earnings season will be in full swing this week. US markets are closed for Martin Luther King day while Asian markets overnight are trading mixed; European markets in that case are likely to suffer from a lack of direction during the course of the session, cautious until more high profile earnings from both sides of Atlantic, and key economic data start hitting the tape from Tuesday onwards. No major economic data due in today’s session so all eyes will be on earnings from the likes of Pearson, Sky Deutscheland and Richemont. Traders will also keep an eye out on headlines from Brussels are euro-area finance ministers meet with the discussion mostly likely to centre the recent bailout of Cyprus.
January 21st, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
A firm finish on Wall Street Friday lends support to European financial markets this morning with traders taking heart in positive commentary by US lawmakers surrounding debt limit talks and better corporate numbers from GE and Morgan Stanley. So far 72% of the 67 US companies that have reported have beaten expectations but traders in Europe are likely to hold back from adding too much risk given that our own earnings season will be in full swing this week. US markets are closed for Martin Luther King day while Asian markets overnight are trading mixed; European markets in that case are likely to suffer from a lack of direction during the course of the session, cautious until more high profile earnings from both sides of Atlantic, and key economic data start hitting the tape from Tuesday onwards. No major economic data due in today’s session so all eyes will be on earnings from the likes of Pearson, Sky Deutscheland and Richemont. Traders will also keep an eye out on headlines from Brussels are euro-area finance ministers meet with the discussion mostly likely to centre the recent bailout of Cyprus.
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