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ETX Capital Daily Market Bite, 8th January, 2013: Hesitation Ahead Of US 4Q Earnings; Euro Data Eyed
January 8, 2013 10:35 amVideo
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January 8th, 2012, Daily Market Bite from Ishaq Siddiqi Market Strategist.
Hesitation ahead of the start of US 4Q earnings season together with the looming showdown between US lawmakers over the unresolved fiscal cliff sent US and Asian share markets lower overnight. Europe is feeling the pressure too, with traders also uneasy ahead of some key economic data from the euro zone. Retail sales, confidence surveys and unemployment data from the euro zone are set to remind us of how dire conditions remain in the region. Over the past few sessions, the US budget drama and economic data from the country have kept us distracted, however today, the focus will very much shift to Europe, not only due to economic data but as the Spanish Treasury announces its 2013 funding details later today. This has the potential to unnerve investors who lack confidence in Spain’s ability to finance its debt, raising the speculation for a bailout. In the US later, there is little of note on the economic data plate but Alcoa kicks off the earnings season after the US closing bell. Recovering commodity prices should help the aluminium producer to report growth in earnings. The focus will however be on the outlook with particular attention on management’s view of the Chinese economy regaining strength in the 4Q of 2012
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