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Spreadex Market Update

Wednesday, October 23, 2013 - Morning Market Update
Max Cohen 100x 100 Trader Comment

A dour session overnight in Asia

A dour session overnight in Asia reflects the uncertainty surrounding global markets following the disappointing U.S jobs data released yesterday afternoon. Effectively ending any hopes of seeing tapering before the year end, U.S. nonfarm payrolls increased by 148,000 workers in September, considerably less than expected. Additionally whilst the employment gain in August was revised up, the July figure was revised down to be the weakest since June 2012.

The report suggested the economy was losing momentum even before the U.S. fiscal standoff that partially shut down the government for more than two weeks, lending credence to the central bank's decision to hold off on reducing its stimulus. The majority of economists surveyed believe that the Fed will reduce monthly bond purchases to $70 billion by March 2014.

The S&P 500 is now trading 23 percent higher in 2013, fuelled by unprecedented Fed stimulus and better-than-estimated corporate earnings. Earnings beat analyst estimates at 74 percent of the 141 companies in the S&P 500 that have released their results so far this reporting period, while 53 percent exceeded sales projections.

The Trading Day and Week Ahead

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.

For market trends and analysis, don't forget our charts have automatically generated support and resistance trend lines helping aid your financial spread betting with technical analysis. For more help on using our charts, view our Guide to Trading with Charts?


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