ETX Capital Daily Market Bite, 8th January 2014: European Markets Uneasy Before Fed Minutes, ADP
January 8, 2014 9:56 am
January 8th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist.
Gains on Wall Street overnight followed by a decent session in Asian markets helped European stocks at the open but we are now starting to see some selling pressure as investors express their discomfort ahead of some big hitting macro data and events. S&P500 rose 0.6% on Tuesday thanks to stronger US trade data in which the trade deficit shrank to a four-year low. USD pushed higher against rivals on the back of that with attention now firmly moving to the ADP jobs report later today followed by Fed’s meeting minutes. Gold is off around 6 bucks while core government bonds are ticking a little lower; US stock futures are broadly flat.
Here in Europe, there’s some trepidation before the ECB meeting, due tomorrow after Tuesday’s data showed another drop in inflation, enough to cause concerns at the ECB regarding the euro area heading into deflation territory — markets are now wondering if this could be enough to warrant action in the form of another refi rate cut or negative deposit rates. BOE meets tomorrow too but no change is expected and the UK macro agenda is light today but the corporate agenda is packed.
January 8th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist.
Gains on Wall Street overnight followed by a decent session in Asian markets helped European stocks at the open but we are now starting to see some selling pressure as investors express their discomfort ahead of some big hitting macro data and events. S&P500 rose 0.6% on Tuesday thanks to stronger US trade data in which the trade deficit shrank to a four-year low. USD pushed higher against rivals on the back of that with attention now firmly moving to the ADP jobs report later today followed by Fed’s meeting minutes. Gold is off around 6 bucks while core government bonds are ticking a little lower; US stock futures are broadly flat.
Here in Europe, there’s some trepidation before the ECB meeting, due tomorrow after Tuesday’s data showed another drop in inflation, enough to cause concerns at the ECB regarding the euro area heading into deflation territory — markets are now wondering if this could be enough to warrant action in the form of another refi rate cut or negative deposit rates. BOE meets tomorrow too but no change is expected and the UK macro agenda is light today but the corporate agenda is packed.
Find us on social media to be kept up to date with the latest ETX Capital news:
Facebook: https://www.facebook.com/#!/ETXCapitalGroup
Twitter: https://twitter.com/#!/etxcapital
LinkedIn: http://www.linkedin.com/company/445425?trk=tyah
ETX Capital’s RSS site: http://my.etxcapital.co.uk/
Related Posts: