ETX Capital Daily Market Bite, 23rd January, 2013: Mks Largely Flat; Waiting For Debt Ceiling Vote
January 23, 2013 11:09 am
January 23rd, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
European stock markets are set for early gains, thanks to a respectable finish on Wall Street overnight and encouraging earnings from tech giants Google and IBM. Both companies beat estimates, lifting sentiment ahead of upcoming earnings later in the US from the likes of McDonald’s and Apple though the latter will be in sharp focus due to recent supply reduction of the iPhone5. Yesterday’s stunning German ZEW survey will continue to support with now hopes of a similar showing from Friday’s German IFO survey. ECB chief Mario Draghi is at it again, spreading some much needed optimism in Europe – yesterday, he said the darkest clouds over Europe have subsided, adding that the Eurozone can begin 2013 on a more confident note. That said, upside momentum may fade as the session progresses given that European markets have a number of events to contend with today. Aside from UK jobs data and euro zone consumer confidence, attention will be on the BOE’s latest meeting minutes. Expectations are for the MPC unanimous on rates and a 8-1 split on the asset purchase program but BOE Governor Sir Mervyn King yesterday called for further action to boost the UK’s ailing economy. UK PM David Cameron will deliver his much-awaited speech on the future of Britain in Europe and reports suggest Cameron will promise a referendum on the UK’s leaving the EU. Also, the Davos World Economic Forum also kicks off today and investors will also keep watch on budget talks in Washington.
January 23rd, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
European stock markets are set for early gains, thanks to a respectable finish on Wall Street overnight and encouraging earnings from tech giants Google and IBM. Both companies beat estimates, lifting sentiment ahead of upcoming earnings later in the US from the likes of McDonald’s and Apple though the latter will be in sharp focus due to recent supply reduction of the iPhone5. Yesterday’s stunning German ZEW survey will continue to support with now hopes of a similar showing from Friday’s German IFO survey. ECB chief Mario Draghi is at it again, spreading some much needed optimism in Europe – yesterday, he said the darkest clouds over Europe have subsided, adding that the Eurozone can begin 2013 on a more confident note. That said, upside momentum may fade as the session progresses given that European markets have a number of events to contend with today. Aside from UK jobs data and euro zone consumer confidence, attention will be on the BOE’s latest meeting minutes. Expectations are for the MPC unanimous on rates and a 8-1 split on the asset purchase program but BOE Governor Sir Mervyn King yesterday called for further action to boost the UK’s ailing economy. UK PM David Cameron will deliver his much-awaited speech on the future of Britain in Europe and reports suggest Cameron will promise a referendum on the UK’s leaving the EU. Also, the Davos World Economic Forum also kicks off today and investors will also keep watch on budget talks in Washington.
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