Spreadex Market Update
Wednesday, April 24, 2013 - Morning Market Update
Asian and US markets finished on strong gains
Asian and US markets finished on strong gains despite a fake-tweet which caused the Dow Jones to crash 147 points. It was reported that someone hacked into the AP twitter account and tweeted about explosions in the White House and President Obama had been injured. Four minutes later the account was suspended and revealed the tweet was a hoax, causing the market to recover seven minutes later.
European markets are seen opening with small gains after continued strong earnings overnight. Apple reported slightly better earnings after the US close, beating EPS by $0.09 and revenue by $1.27 billion. However, Apple CEO Tim Cook announced a share buyback plan and raised the dividend, signalling potential blunt growth and a method to help reassure investors.
Over in the UK, Barclays reported their first-quarter results with profits declining 25%, missing analyst estimates after it took charge of a cost-savings plan. They announced that they are seeking to strengthen its position in the US to help offset a drop in Europe.
Meanwhile the Euro traded near a two-week low before German confidence data, fuelling speculation the European Central Bank will cut interest rates. The Ifo business climate index for Germany is based on a survey of 7,000 executives and estimated to come in lower than last month’s figure at 09:00 UK time today.
Data from the US at 13:30 is signalled to show an increase on core durable goods orders since last month. This is a leading indicator of production which helps signal the strength of the US economy.
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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