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ETX Capital Daily Market Bite, 7th January, 2013: Soft Markets But Banking Stocks Advance
January 7, 2013 10:01 amVideo
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January 7th, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
Softer start to the week for European equity markets, pressured by weakness in Asian share markets overnight. With little to stimulate stock markets today given the lack of economic data and ongoing concerns about the next showdown between US lawmakers, traders are taking profit. Most major stock markets are trading near fresh 12-month highs; this provides traders the perfect opportunity to take some cash off the table ahead of another week of key global macroeconomic data. At the same time, 4Q earnings kick off this week with banks set to be in focus following news over the weekend that regulators are easing rules for lenders. Eurozone PPIs are the only noteworthy data due later today but brace yourself for an onslaught of some key indicators tomorrow. Euro zone unemployment, confidence surveys and German industrial orders are likely to shake price-action. Later in the week, we have ECB and BOE policy meetings — both set to gain much attention being the first policy meetings of the year and are likely to set the tone for the months ahead. Markets currently do not expect a change in policies by both central banks.
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