Spreadex Market Update
Wednesday, May 15, 2013 - Morning Market Update
Asian shares continue to climb
Asian shares have continued to climb with the Nikkei 225 index closing above the 15,000 level for the first time since January 2008. The Yen touched a four and a half year low against the dollar, boosting the earnings outlook for exporters. Australian shares fell 0.8 percent as miners deepened their losses on weaker metal prices, with Rio Tinto Ltd falling 3.0 percent.
Bank of England chief Mervyn King is set to give his final quarterly inflation report today before handing the reins to Mark Carney. After repeatedly having to cut its growth outlook and lift its inflation forecasts since the financial crisis, King will be glad to sign off as the bearer of good news with expectations that he will announce a revised 3% inflation figure (down from 3.2%).
David Cameron has faced questions regarding Britain’s role within the EU after bowing to pressure from inside his Conservative party to bring forward draft legislation enforcing a referendum on Britain's European Union membership. This comes a matter of hours after Obama warned cautioned against rushing towards the EU exit.
Europe’s largest bank, HSBC, will target between 2-3 billion dollars additional cost savings as CEO Gulliver continues with his plan to increase profitability. Gulliver, 54, has announced the sale or closing of 52 businesses to revive earnings and 46,000 job cuts to eliminate $4 billion of annual costs since taking his job in 2011, beating his initial target set that year.
For further information on the trading day ahead, take a look at our Financial Diary
, which previews all the Economic Data due out to today and projected or previous figures.
Our Financial Diary is updated in real time as the figures are released throughout the day.
If you are unsure what different Economic Figures mean take a look at our Economic Indicators Explained guide
For a look at the trading week ahead our Financial Diary also lists all the companies due to submit trading updates this week. Each Friday, our diary will preview the forthcoming week's economic indicators and company reports schedule.
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