ETX Capital Daily Market Bite, 23th January, 2013: European Markets Up A Touch; Eyes On Fed
January 30, 2013 10:16 am
January 30th, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
Subdued start to a busy session for European markets Wednesday with traders holding fire ahead of some key economic releases. Earnings today are also a mixed bag, adding to the general lack of conviction to get involved. Much of the focus will be on the FOMC policy meeting after the European market close with traders expecting no change to current policy stance. Before that, we have US ADP jobs data – widely seen as a precursor to Friday’s nonfarm payrolls and the US 4Q GDP figures. Back in Europe, we are in for an equally busy day with Spanish 4Q GDP figures, Italian business confidence, euro zone bank lending survey, euro zone consumer and business confidence surveys and finally the BOE consumer lending data. In debt markets, Italy and Germany are hosting auctions which should garner some attention too. With all of these scheduled events to contend with, we are in for an increase in volatility. But the positive bias for stock indices remains – the DJIA and S&P500 both remain close to all time highs while European bourses, particularly the FTSE100, continue defy the bears and trend higher. Commodities are firmer in Asia overnight, the euro is steady against the dollar and core government bonds are on the backfoot which indicates that risk is still on.
January 30th, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
Subdued start to a busy session for European markets Wednesday with traders holding fire ahead of some key economic releases. Earnings today are also a mixed bag, adding to the general lack of conviction to get involved. Much of the focus will be on the FOMC policy meeting after the European market close with traders expecting no change to current policy stance. Before that, we have US ADP jobs data – widely seen as a precursor to Friday’s nonfarm payrolls and the US 4Q GDP figures. Back in Europe, we are in for an equally busy day with Spanish 4Q GDP figures, Italian business confidence, euro zone bank lending survey, euro zone consumer and business confidence surveys and finally the BOE consumer lending data. In debt markets, Italy and Germany are hosting auctions which should garner some attention too. With all of these scheduled events to contend with, we are in for an increase in volatility. But the positive bias for stock indices remains – the DJIA and S&P500 both remain close to all time highs while European bourses, particularly the FTSE100, continue defy the bears and trend higher. Commodities are firmer in Asia overnight, the euro is steady against the dollar and core government bonds are on the backfoot which indicates that risk is still on.
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